Bitcoin price is only at $37,500 \u2014 a far cry from former all-time highs around $68,000.<\/p>\n
However, one visual technical analysis tool could show that overhead resistance is weak, and that the top cryptocurrency could rip right through what\u2019s left. Could BTCUSD be back at all-time highs<\/a> faster than most are ready for?<\/p>\n Technical analysts rely on a variety of tools to help provide signals to visually inspect and either manually or automatically take positions based on the results.<\/p>\n One such tool, created by a Japanese journalist Goichu Hosoda, is called the Ichimoku<\/a>. Hosoda was nicknamed \u201cIchimoku Sanjin\u201d which loosely translates to \u201cwhat the man in the mountain sees.\u201d The idea behind the Ichimoku is that it provides an \u201cat a glance\u201d view of all market conditions.<\/p>\n For example, the cloud plots where future support and resistance may lie. Meanwhile, the Tenkan-sen and Kijun-sen act as trend-following tools that cross bearish and bullish depending on price action. These spans can also act as support and resistance.<\/p>\n With all that out of the way, all it takes is \u201cone glance\u201d at the chart below and we can see there is very little 1M BTCUSD resistance left.<\/p>\n\n Also at just a glance, it is possible to see how each time Bitcoin price passed through these spans and the Ichimoku cloud, an extended bull market formed.<\/p>\n It is important to note, however, that the Tenkan-sen (blue) and Kijun-sen (maroon) are still crossed bearish. But this also happened prior to each bull run.<\/p>\n Additionally, the lagging span has been omit from this chart. Called the Chikou span in Japanese, the lagging span shows where former support and resistance used to be, which means Bitcoin does have some less significant resistance levels to contend with at around $43,000 and again around $60,000.<\/p>\n Beyond $60,000, the Ichimoku shows nothing but air. Could this really mean clear skies for Bitcoin once the Ichimoku cloud is officially left behind?<\/p>\n This chart appeared initially in Issue #27 of CoinChartist VIP. Click here<\/a> to read the rest of the issue.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin price is only at $37,500 \u2014 a far cry from former all-time highs around $68,000.<\/p>\n However, one visual technical analysis tool could show that overhead resistance is weak, and that the top cryptocurrency could rip right through what\u2019s left. Could BTCUSD be back at all-time highs<\/a> faster than most are ready for?<\/p>\n Technical analysts rely on a variety of tools to help provide signals to visually inspect and either manually or automatically take positions based on the results.<\/p>\nBitcoin Price Breaks Above The Monthly Ichimoku Cloud<\/h2>\n
Clear Skies Above Major Resistance, But Minor Pullbacks A Plenty<\/h2>\n
Bitcoin Price Breaks Above The Monthly Ichimoku Cloud<\/h2>\n