It wouldn't be too surprising if BTC touched the bottom of this red Ichimoku cloud on the weekly chart.
There is an ascending triangle forming on the weekly here coming off the bottom. I have been watching this for weeks and all signs are pointing to BTC price being stuck under this cloud ($8498.90) until spring but indeed could hit that mark at least once between now and sometime around May. The volume spikes are larger with the upswings in this triangle which supports the bullish breakout.
Must breakout from $7518. Points of resistance include $7690, $7858, $8006(pivot) $8289, $8355
This depends on BTC holding the $7100. If it breaks below $7100 look for capitulation on the smaller charts if the volume picks up on the downside we could head to the bottom of the channel near $6800.
There is an ascending triangle forming on the weekly here coming off the bottom. I have been watching this for weeks and all signs are pointing to BTC price being stuck under this cloud ($8498.90) until spring but indeed could hit that mark at least once between now and sometime around May. The volume spikes are larger with the upswings in this triangle which supports the bullish breakout.
Must breakout from $7518. Points of resistance include $7690, $7858, $8006(pivot) $8289, $8355
This depends on BTC holding the $7100. If it breaks below $7100 look for capitulation on the smaller charts if the volume picks up on the downside we could head to the bottom of the channel near $6800.
Trade closed: target reached
