BTCUSD - Chikou Span for the Bullish case, heading into $8550
BTC is currently in interesting position. Using Ichimoku system we can trade and take bullish scenario into consideration.
If we observe current location of Chikou Span breakout outside the cloud was clear.
The bullish can be made with another breakout above $8550 resistance, otherwise Chikou Span will cross inside the price which means prolonged consolidation and bearish scenario (price heading outside the cloud).
Uptrend is valid until $7800 zone breaks and Kijun is at $8000 where heavy support is expected.
Great market to trade at the moment with a lot of tension from both buyers and sellers.
If we observe current location of Chikou Span breakout outside the cloud was clear.
The bullish can be made with another breakout above $8550 resistance, otherwise Chikou Span will cross inside the price which means prolonged consolidation and bearish scenario (price heading outside the cloud).
Uptrend is valid until $7800 zone breaks and Kijun is at $8000 where heavy support is expected.
Great market to trade at the moment with a lot of tension from both buyers and sellers.
Comment:
Modest retrace, 8k not re-tested. 8500 acts as new support zone.
Comment:
Good trade. Weak bounce off 8500 and clean brake were nice signs we are headed down.
