BTCUSD facing resistance
Updated
The BTCUSD price action on the daily chart is facing the resistance of the Kijun line (in the circle) in the Ichimoku setting at around 55900 and is currently retracing. A retracement to the bottom of the cloud at around 52400 is possible before resuming the upward trend in the short term.
A break of the bottom of the cloud instead, could usher the way to a new downward movement.
A break of the bottom of the cloud instead, could usher the way to a new downward movement.
Note
As expected, the price bounced nicely on the bottom of the Cloud and it is now on its way to reapproach the strong Kijun resistance at 56k.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.