We broke the Ichimoku cloud before however due to RSI being in overbought, we slipped back down into it, it looks like we may close above the cloud again today, but this time with a healthy RSI.
Bullish Indicators
- RSI has plenty of room to grow, therefore the chances of the breakout happening are increased.
- The small retrace has caused a bull flag pattern with a target of 5521 Satoshi ( 50% return! )
- Bullish Ichimoku crossover indicating a breakout
Bearish Indicators
- 200 day moving average crossing over 100 day moving average indicating a downtrend
- 200 day moving average is strong resistance that needs to be broken before we can proceed to our 5521 satoshi target
Summary
Now may be a good time to buy as the Ichimoku cloud does indicate a breakout is occurring however we should keep an eye out for the 200 day MA and how the price action reacts to getting close to it. If we break it, then we're on track. If we bounce off it, it would be a good time to sell when we hit it.
As always, I will be updating you every step of the way!
Any comments or messages will be much appreciated. If you want me to do some technical analysis on any other coin, please let me know!
BTC donation wallet address : 17xaafCmrBj3TL4rXNczuuM1MuvEGwX6XJ
LTC donation wallet address : LNDYMjUEJqo1EuexEbTX6E157tZDBGqtgR
I am not a financial adviser, please trade at your own risk.
Bullish Indicators
- RSI has plenty of room to grow, therefore the chances of the breakout happening are increased.
- The small retrace has caused a bull flag pattern with a target of 5521 Satoshi ( 50% return! )
- Bullish Ichimoku crossover indicating a breakout
Bearish Indicators
- 200 day moving average crossing over 100 day moving average indicating a downtrend
- 200 day moving average is strong resistance that needs to be broken before we can proceed to our 5521 satoshi target
Summary
Now may be a good time to buy as the Ichimoku cloud does indicate a breakout is occurring however we should keep an eye out for the 200 day MA and how the price action reacts to getting close to it. If we break it, then we're on track. If we bounce off it, it would be a good time to sell when we hit it.
As always, I will be updating you every step of the way!
Any comments or messages will be much appreciated. If you want me to do some technical analysis on any other coin, please let me know!
BTC donation wallet address : 17xaafCmrBj3TL4rXNczuuM1MuvEGwX6XJ
LTC donation wallet address : LNDYMjUEJqo1EuexEbTX6E157tZDBGqtgR
I am not a financial adviser, please trade at your own risk.