FX.co ★ Ichimoku cloud indicator analysis on Bitcoin.

Bitcoin has reached the Kumo (cloud) support as expected after breaking below the tenkan-sen and kijun-sen indicators. This is now a big test for the Daily trend according to the Ichimoku cloud indicator. Staying above the cloud is crucial for bulls.

Price is still above the Kumo (cloud). The tenkan-sen (red line indicator) has crossed the kijun-sen (yellow line indicator). This is a sign of weakness. But only if price breaks below the cloud we will have confirmation of this bearish sign. Resistance by the tenkan-sen is at $43,330 and at $43,720 by the kijun-sen. Bulls need to break above these two levels in order to resume the up trend. Support is at $39,200-$39,350 and bulls must defend it.