We officially have our first T/K cross-up since 2016, and first bullish cloud since 11/2018. Additionally, the lagging span is above previous price action. These indicators come together to paint a very bullish picture on the BTC weekly chart. From the standpoint of the ichimoku indicator, confirmation of a bull market on this timeframe will come when price action closes above the cloud.
Considering price's large distance from Kijun Sen line and flat T/K and Senkou lines, there's a good chance we'll see a price correction here before things continue upward. Fib levels are often pretty reliable for pullbacks and the 0.382 fib level lines up nicely with previous support and resistance around $6500. This will be a good buy-in spot.
Considering price's large distance from Kijun Sen line and flat T/K and Senkou lines, there's a good chance we'll see a price correction here before things continue upward. Fib levels are often pretty reliable for pullbacks and the 0.382 fib level lines up nicely with previous support and resistance around $6500. This will be a good buy-in spot.