FX.co ★ Ichimoku cloud indicator analysis on Bitcoin for February 16, 2022.

Bitcoin is challenging the Kumo (cloud) in the Daily chart. Bulls need to push price above $45,800 in order for the Ichimoku cloud indicator to change trend to bullish. Traders need to pay close attention to price as a rejection at the resistance now, would be a bearish sign.

Bitcoin is testing the daily Kumo (cloud) for the second time. Bulls want for price to enter inside the cloud and turn trend neutral. Support by the tenkan-sen (Red line indicator) is at $43,680 and by the kijun-sen (yellow line) at $39,325. As long as price is above the kijun-sen, bulls will have some hopes. Entering the cloud will turn the trend neutral. We are at a very critical junction.