BTCUSD Bird's eyes view by Ichimoku
It's often a good idea to take some height and look at the market in a longer perspective. One of the unique strength of the Ichimoku System is the ability to easily do multi-timeframe analysis with a really strong level of precision. So let's just do that today with the BTCUSD.
Looking at the Monthly chart here, we can see how strong was the level of resistance given by the Monthly Kijun Sen (purple line) for three consecutive months last year, in May, June and July, and this year in January and until today. So far, the price never crossed that level to the downside. As a reminder the Kijun Sen is the mid-price of the last 26 periods, so 26 months in that case. It is very significant.
Still in the Monthly timeframe, we can also see that the correction was made with 3 consecutive red candles. After 3 red candles, usually comes a blue one in that kind of setup. It may happen this month, or latter.
Now, going down a bit to the lower time frame, the Weekly chart, we can do the same observation. The price never crossed the confluence of the three Monthly Kijun sen (dotted purple line). So on this timeframe which represent the medium term, we can see that we are not (yet) in a bear market as some might have claimed.
Weekly Chart:
Yet, the BTCUSD is not out of the woods. Still on the weekly timeframe, the price is in the Cloud (= neutrality). Only if/when the price will break the Cloud on the upside AND the that the Lagging Span confirms by being above the price then we'll be able to tell that the current correction is over on this timeframe.
Overall, the way I see the BTCUSD (and most other Cryptos) is that we had a major correction, that the market found important level of support from where it could rally. Only if these levels breaks that we'll enter a medium term bear market on this asset. Now, we can only talk about a correction.
For today's BTC analysis, you can hop to:
You can ask me in the comment below for my view on a specific pair, indices, stock, crypto. I'll try to oblige if times permit , but no promises ;)
Glossary :
TS = Tenkan Sen | KS = Kijun Sen | LS = Lagging Span/Chikou Span
DLY = Daily | WLY = Weekly | MLY = Monthly
TL = Trend Line | TP = Take Profit | SL/ INV = Stop Loss / Invalidation | TF = Timeframe
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. **
Looking at the Monthly chart here, we can see how strong was the level of resistance given by the Monthly Kijun Sen (purple line) for three consecutive months last year, in May, June and July, and this year in January and until today. So far, the price never crossed that level to the downside. As a reminder the Kijun Sen is the mid-price of the last 26 periods, so 26 months in that case. It is very significant.
Still in the Monthly timeframe, we can also see that the correction was made with 3 consecutive red candles. After 3 red candles, usually comes a blue one in that kind of setup. It may happen this month, or latter.
Now, going down a bit to the lower time frame, the Weekly chart, we can do the same observation. The price never crossed the confluence of the three Monthly Kijun sen (dotted purple line). So on this timeframe which represent the medium term, we can see that we are not (yet) in a bear market as some might have claimed.
Weekly Chart:
Yet, the BTCUSD is not out of the woods. Still on the weekly timeframe, the price is in the Cloud (= neutrality). Only if/when the price will break the Cloud on the upside AND the that the Lagging Span confirms by being above the price then we'll be able to tell that the current correction is over on this timeframe.
Overall, the way I see the BTCUSD (and most other Cryptos) is that we had a major correction, that the market found important level of support from where it could rally. Only if these levels breaks that we'll enter a medium term bear market on this asset. Now, we can only talk about a correction.
For today's BTC analysis, you can hop to:
You can ask me in the comment below for my view on a specific pair, indices, stock, crypto. I'll try to oblige if times permit , but no promises ;)
Glossary :
TS = Tenkan Sen | KS = Kijun Sen | LS = Lagging Span/Chikou Span
DLY = Daily | WLY = Weekly | MLY = Monthly
TL = Trend Line | TP = Take Profit | SL/ INV = Stop Loss / Invalidation | TF = Timeframe
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. **
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