Bitcoin (BTC) – Surrendering ground below Ichimoku plotsPosted on Sunday, February 20 2022 at 8:40 pm GMT+0000
Bitcoin (BTC) is surrendering ground from the 45,850 high after its recently made headways resulting from the bounce off the 33,000 low. The crypto-king failed to overstep the Ichimoku cloud last week and dropped back below the Ichimoku directional lines approaching the February 3rd inside swing low.
Technically, the red cloud is shielding the current bearish structure, and the near completion of a bearish intersection between the Tenkan-sen and Kijun-sen lines is suggesting that sellers are now taking the lead. Moreover, momentum oscillators are conveying clear negative signals. The MACD slipped below both its signal and zero lines, and the RSI is strengthening its downtrend below the 50-neutral threshold, both promoting additional negative price moves.
In the meantime, the spotlight is turned on the February 3rd inside swing low at 36,200 where any violation will trigger an extension towards the famous 33,000 low. A decisive step lower will initially pause in the 30,000-28,600 congested region of lows posted between May and July.
On the upside, the bulls will need a clear victory above the February 14th inside swing low at 41,600 to drive towards February 10th high at 45,850. Breaking that crucial level will bolster buying appetite bringing the December high at 52,000 under the radar.
All in all, Bitcoin is exhibiting a strong bearish tone below the Ichimoku plots and a drop below the next support of 36,200 will further bolster the negative tendencies.