You are currently viewing Bitcoin’s ‘Ichimoku Cloud’ Suggests Deeper Drop Toward $24K: Technical Analysis

Bitcoin’s (BTC) recent price slide may have legs, according to technical analysis by alternative asset management firm Valkyrie Investments.

The leading cryptocurrency by market value has declined by 10% to $26,200 this month, thanks to renewed hawkish Fed bets, the recovery in the dollar index, and the lingering U.S. debt ceiling uncertainty.

Per Valkyrie, a further decline toward $24,000 may be seen as bitcoin’s daily chart Ichimoku cloud, a momentum indicator, has flipped bearish.

Japanese journalist Goichi Hosada created the Ichimoku Cloud in the late 1960s. The indicator comprises five lines: Leading Span A, Leading Span B, Conversion Line or Tenkan-Sen (T), Base Line or Kijun-Sen (K) and a lagging closing price line.

The difference between Leading Span A and B makes up the cloud,

Keep reading this article on

Leave a Reply