Clear Skies: Why Bitcoin Overhead Resistance Is Weak


20 Nov 2023 11:00 PM

Bitcoin price is only at $37,500 — a far cry from former all-time highs around $68,000. However, one visual technical analysis tool could show that...

  • The current price of Bitcoin is $37,500, far from its previous all-time high of $68,000.
  • The Ichimoku, a visual technical analysis tool, suggests that there is weak overhead resistance for Bitcoin.
  • The Ichimoku provides a comprehensive view of market conditions, including support and resistance levels.
  • The chart shows that there is very little resistance left for Bitcoin in the 1-month timeframe.
  • Previous instances of Bitcoin passing through the Ichimoku cloud have resulted in extended bull markets.
  • The Tenkan-sen and Kijun-sen indicators are currently bearish, but this has happened before prior to bull runs.
  • Bitcoin may face some minor resistance levels at around $43,000 and $60,000 due to former support and resistance levels.
  • Beyond $60,000, the Ichimoku suggests clear skies for Bitcoin.

The article presents a positive outlook for Bitcoin, suggesting that it could potentially reach new all-time highs based on the analysis of the Ichimoku tool.

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You May Ask

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