“Ichimoku Cloud” Hints Bitcoin is Finally Recovering From a Crucial Area

“Ichimoku Cloud” Hints Bitcoin is Finally Recovering From a Crucial Area


The Ichimoku Cloud is a momentum indicator often used in technical analysis to gauge an asset’s trend. It is currently indicating that Bitcoin (BTC) is healthily recovering from an important support area.

bitcoin

The daily chart of Bitcoin with the Ichimoku Cloud. | Source: BTCUSD on TradingView.com, Josh Olszwicz

The cloud in the Ichimoku indicator is best described as a support line. If an asset goes too far high up the cloud, it could mean that it is overbought.

But if Bitcoin is steadily recovering within the cloud, then it suggests it is seeing healthy and stable accumulation.

Bitcoin Rises Above $11,000 Treading Above the Cloud

In the near term, traders say that Bitcoin needs to hold above $10,700 to see further upside. In a technical sense, the $10,700 area

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