FX.co ★ Ichimoku cloud indicator analysis on Bitcoin.

Bitcoin made a low today at $42,765 and is now trading around $43,850. Price has formed a bullish reversal hammer pattern although it is still too early to call it. Price is above the Kumo (cloud) in the Daily chart, while price earlier today challenged the kijun-sen (yellow line indicator).

Resistance by the tenkan-sen (red line indicator) is found at $45,240. Bulls need to push above this level in order to add more strength to the bullish momentum. Major resistance is at the recent highs of $47,500. Failure to hold above support at $42,860, will lead to a move towards the cloud support at $39,850.