Bitcoin (BTC) – Exhibiting a sturdy bullish appetite above the cloudPosted on Sunday, November 6 2022 at 9:28 pm GMT+0000
Bitcoin’s (BTC) price has shown applaudable strength during the first week of November. The crypto-king surged more than 4% on Friday following the U.S. NFP data and posted its first daily close outside the Ichimoku cloud since mid-April.
In addition to the jump over the cloud which is seen as an encouraging sign, the indicator’s directional lines are positively aligned, indicating that the positive momentum is growing, something being also reflected by the oscillators. Both the MACD and TSI are strengthening above their signal lines in the positive territory, while the RSI is hovering well beyond the 50-neutral threshold.
The bulls managed lately to conquer multiple key resistance barricades and appear currently headed towards the September 13th high at 22,800. Cracking that bar too will boost buying appetite, leading the way straight toward the mid-August peak of 25,200.
However, if the price recoils inside the cloud following any sudden shift in market sentiment, the Kijun-sen line seen around 20,000 will attempt to catch the fall in cooperation with the cloud’s lower band. A decisive daily close below the latter currently around 19,500 could see a fresh visit of the 18,100 – 17,600 region molded by the September and June lows. A decisive breach of that base will trigger a sharp sell-off toward the 16,200 barrier taken from the late November 2020 low.
All in all, Bitcoin is currently exhibiting a sturdy bullish appetite for the coming sessions. The recent thrust beyond the Ichimoku cloud may pause initially around 22,800, while a significant daily close higher is expected to release a more aggressive bullish wave.