Bitcoin Ichimoku Cloud analysis
Updated
Hello!
DISCLAIMER:
THIS IS NOT TRADING ADVICE AND NOT FINANCIAL ADVISE.
I AM NO FINANCIAL ADVISOR AND I AM NOT RESPONSIBLE FOR ANY LOSSES YOU MAKE. DO YOUR OWN RESEARCH, ONLY YOU ARE ACCOUNTABLE FOR YOUR ACTIONS!
I have to note I am somewhat of a beginner analyst but I want to publish this for myself and have a look in some months if I was correct or not. Today I read more about the Ichimoku Clouds which are very interesting to me.
Description of what is happening in the chart:
- The three red lines are the Fibonacci Retracements from the very top (17th December) to the very bottom (6th February), levels are ~14.600$ (FB3), ~12.940$ (FB2) and ~11.390$ (FB1).
- long term trendline (LT)
- Ichimoku Cloud with it's lines
My conclusion:
We can see that we have been trading under the lowest line of the Ichimoku Cloud for quite some time now, which is bearish.
The interesting point is today, we might be witnessing a cross of the conversion line (blue) through the base line (light red), which indicates a weak bullish point. Bullish because of the cross, weak because we are still under the Ichimoku Cloud.
I am thinking that we might stay in this trading channel ("TC") until we meet the long term trendline ("LT") as indicated by the arrows.
Then, in my opinion, there are two scenarios:
1) We might stay above the fibonacci retracement line ("FB1") and push trough the Ichimoku Cloud. (unlikely in my opinion since the Ichimoku Cloud is still very thick)
or 2) It could happen that we will then trade on and around the long term trendline ("LT") which is very close to the Lead 1 line (green) of the Ichimoku Cloud up until the deciding point ("DP"). By then, the Ichimoku Cloud should have narrowed up.
It is to note that every day that passes, we can see more and more of what is going to happen because the Ichimoku Cloud will advance more into the future, so we might be able to predict better in the upcoming days.
Thank you for reading.
As I said, I am quite a beginner and I might have used some indicators wrong so feel free to correct me + publish your opinion in the comment section.
If you liked this chart, feel free to give it a thumbs up and let me know if you want me to follow up on this idea.
DISCLAIMER:
THIS IS NOT TRADING ADVICE AND NOT FINANCIAL ADVISE.
I AM NO FINANCIAL ADVISOR AND I AM NOT RESPONSIBLE FOR ANY LOSSES YOU MAKE. DO YOUR OWN RESEARCH, ONLY YOU ARE ACCOUNTABLE FOR YOUR ACTIONS!
DISCLAIMER:
THIS IS NOT TRADING ADVICE AND NOT FINANCIAL ADVISE.
I AM NO FINANCIAL ADVISOR AND I AM NOT RESPONSIBLE FOR ANY LOSSES YOU MAKE. DO YOUR OWN RESEARCH, ONLY YOU ARE ACCOUNTABLE FOR YOUR ACTIONS!
I have to note I am somewhat of a beginner analyst but I want to publish this for myself and have a look in some months if I was correct or not. Today I read more about the Ichimoku Clouds which are very interesting to me.
Description of what is happening in the chart:
- The three red lines are the Fibonacci Retracements from the very top (17th December) to the very bottom (6th February), levels are ~14.600$ (FB3), ~12.940$ (FB2) and ~11.390$ (FB1).
- long term trendline (LT)
- Ichimoku Cloud with it's lines
My conclusion:
We can see that we have been trading under the lowest line of the Ichimoku Cloud for quite some time now, which is bearish.
The interesting point is today, we might be witnessing a cross of the conversion line (blue) through the base line (light red), which indicates a weak bullish point. Bullish because of the cross, weak because we are still under the Ichimoku Cloud.
I am thinking that we might stay in this trading channel ("TC") until we meet the long term trendline ("LT") as indicated by the arrows.
Then, in my opinion, there are two scenarios:
1) We might stay above the fibonacci retracement line ("FB1") and push trough the Ichimoku Cloud. (unlikely in my opinion since the Ichimoku Cloud is still very thick)
or 2) It could happen that we will then trade on and around the long term trendline ("LT") which is very close to the Lead 1 line (green) of the Ichimoku Cloud up until the deciding point ("DP"). By then, the Ichimoku Cloud should have narrowed up.
It is to note that every day that passes, we can see more and more of what is going to happen because the Ichimoku Cloud will advance more into the future, so we might be able to predict better in the upcoming days.
Thank you for reading.
As I said, I am quite a beginner and I might have used some indicators wrong so feel free to correct me + publish your opinion in the comment section.
If you liked this chart, feel free to give it a thumbs up and let me know if you want me to follow up on this idea.
DISCLAIMER:
THIS IS NOT TRADING ADVICE AND NOT FINANCIAL ADVISE.
I AM NO FINANCIAL ADVISOR AND I AM NOT RESPONSIBLE FOR ANY LOSSES YOU MAKE. DO YOUR OWN RESEARCH, ONLY YOU ARE ACCOUNTABLE FOR YOUR ACTIONS!
Note
Seems like the idea was correct lol.Still, NO financial advise. Only an idea.
Note
Decision time!!
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