Bitcoin broke through the short term downtrend line with cross of the 20 and 50 day MAs. After a pullback a pin has been posted on the daily chart piercing the 20 day MA and that same downtrend resistance-turned-support. I believe this could be support for a run toward $5000. I do not believe the long-term bear market will be reversed until BTC can break through $5000, where I suspect it will find heavy resistance.
On a further note BTC rose through the cloud around the same time the MAs crossed. I'm not so familiar with how ichimoku clouds function, but I do know a rise or fall through them can be used as buy/sell signals. If anyone would like to comment on this I would appreciate.
On a further note BTC rose through the cloud around the same time the MAs crossed. I'm not so familiar with how ichimoku clouds function, but I do know a rise or fall through them can be used as buy/sell signals. If anyone would like to comment on this I would appreciate.