BitcoinLong
Breakout Imminent?
I've seen it said that Ichimoku's are not effective on short time-scales, and that anything less than a 1 day Ichimoku is useless. I disagree.
No single cloud timescale can truly effective on it's own. The longer the timescale, the more influence, or weight the indicator has. I've hidden the MA's for clarity. Price has followed lines of support and resistance in the 1 and 2 hour clouds almost perfectly. We've come to a coincident weak point in both, and the 4 hour is clearly now providing rising support. It's uncanny how well price will often track a cloud contour that was formed hours, days or weeks before.
No single cloud timescale can truly effective on it's own. The longer the timescale, the more influence, or weight the indicator has. I've hidden the MA's for clarity. Price has followed lines of support and resistance in the 1 and 2 hour clouds almost perfectly. We've come to a coincident weak point in both, and the 4 hour is clearly now providing rising support. It's uncanny how well price will often track a cloud contour that was formed hours, days or weeks before.
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