A spike back to test the previous resistance, not a sign that price will move higher.
As the price of BTCUSD finds it hard to break or move to a new high, this did not affect the transaction count which has steadily increased by 85% since on the 10th of March 2019 till date( from $213261.2896092 up to its current price now $402862.3524849.
With the use of the ICHIMOKU CLOUD METRICS(default settings 9,26,52,26) we will analyse the possible price move in the coming week.
Price has maintained its levels inside the cloud after breaking through the cloud support. The price move we will likely see is called THE EDGE TO EDGE(E2E) trade.
When a candle close occurs inside the Cloud, you can with reasonably high probability expect price to reach the other end of the Cloud. The larger the Cloud, the larger the payoff. The cloud edges represents the hard support/resistance. Should that break(which has already happened), the remaining support/resistance is the opposite end of the Cloud. More to this is the Rectangular flag which the price has maintained as well( the bearish flag pattern). We expect a pull back down to retest the previous lows as price has reach a near resistance and pulled back down.
Like we always advise all traders to wait for clear breakout before taking a position.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
As the price of BTCUSD finds it hard to break or move to a new high, this did not affect the transaction count which has steadily increased by 85% since on the 10th of March 2019 till date( from $213261.2896092 up to its current price now $402862.3524849.
With the use of the ICHIMOKU CLOUD METRICS(default settings 9,26,52,26) we will analyse the possible price move in the coming week.
Price has maintained its levels inside the cloud after breaking through the cloud support. The price move we will likely see is called THE EDGE TO EDGE(E2E) trade.
When a candle close occurs inside the Cloud, you can with reasonably high probability expect price to reach the other end of the Cloud. The larger the Cloud, the larger the payoff. The cloud edges represents the hard support/resistance. Should that break(which has already happened), the remaining support/resistance is the opposite end of the Cloud. More to this is the Rectangular flag which the price has maintained as well( the bearish flag pattern). We expect a pull back down to retest the previous lows as price has reach a near resistance and pulled back down.
Like we always advise all traders to wait for clear breakout before taking a position.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.