Past Analysis of Ichimoku Setup on BTC
Updated
Ichimoku had a nice setup for BTC that played out nicely so far.
1. As you can see prior to entry box conversion line crossed over base line
2. Next price action broke the cloud and initially held as support
3. Lagging strand also rose above price action at the same time
4. Also cloud see the wick down into the base line get ate up
5. Price breaks down to nice cloud area which provided a setup, while conversion line held above base
Don't see this price action breaking back down to this lower 31k-42k range. Expect to continue to 42k. Probably see some retracement to test some supports locally.
1. As you can see prior to entry box conversion line crossed over base line
2. Next price action broke the cloud and initially held as support
3. Lagging strand also rose above price action at the same time
4. Also cloud see the wick down into the base line get ate up
5. Price breaks down to nice cloud area which provided a setup, while conversion line held above base
Don't see this price action breaking back down to this lower 31k-42k range. Expect to continue to 42k. Probably see some retracement to test some supports locally.
Note
Took some profits here at the old resistance (look left of price now). Expect this to break as well. Good momentum.Note
Need to see this hold. Might not hit box but likely to wick to at least. Need to stay above this point for continuation though.
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