Bitcoin topped at 13,700 USD/BTC on 26th June. Since then, we have been consolidating mostly between $12,000 and $9,500, which is a decent drop. It naturally caused bear claims to appear / or to get more attention from the community. But we are in crypto and this drop is nothing unseen. In fact, it looks like a very healthy correction to me.
Ichimoku Cloud has been very successful at predicting resistances and supports in crypto markets in general. Here are the 3 most recent cases.
Certainly, no bear market is permanent, and the breach came eventually. But after at least 3 big bounces. It is common that more we bounce off the certain resistance/support, the weaker it is. And the breaches happen often on the fourth or fifth attempt. Look at another chart where it happened.
We are closing on the cloud, this time from above. I am fairly convinced it will hold $9,360 and we will not close below anytime soon. If we do, there is still 100 exponential moving average Bitcoin tends to test again and again right on the bottom of the Ichimoku cloud.
The traders always look for some confirmation. They don't just jump on the bandwagon based on unstable emotions (greed mostly). They look for confirmations and proceed carefully towards greater gains. For me, the first confirmation, that the "bull trend" was just B wave rally, would be closing below Ichimoku or 100 EMA. For the bullish side, I would like to start seeing higher lows or another exponential growth.
Thanks for reading!