FX.co ★ Ichimoku cloud analysis of Bitcoin

BTC/USD is trading around $47,839 turning a bit lower after an upward move from $43,117. In Ichimoku cloud terms price remains in a bearish trend but got rejected today at an important resistance. It is crucial for bulls to hold above $47,300, otherwise price will be vulnerable to a move lower.

Price got rejected today at the tenkan-sen (Red line indicator). This rejection if followed by a move below the kijun-sen (yellow line indicator) at $47,300 then we could see more sellers pushing price lower towards $43,000. Breaking below $43,000 will make price push lower towards cloud support at $37,000-$38,000. The longer price stays below the tenkan-sen the higher the chances of moving lower. Bulls need to recapture $50,325 in order to resume the up trend.