TECHNICAL ANALYSIS
FX Figure 10: BTCUSD Monthly
to turn it back and – while it was moving in the body of the Kumo until the 7th of October – it finally broke out on the top of the Kumo with the support of all other Ichimoku components. Finally, on the 11th of November it crossed down the Kijun-Sen level from above, but it couldn’t even touch the top of the Kumo, 5 days later it crossed up the Kijun-Sen from below to continue its way up to record highs.
BTCUSD Prospect Currently
the price
is above
the
Kumo cloud, the Kijun-Sen and Tenkan-Sen levels and the Chikou Span is also above all other Ichimoku components on all higher timeframes which indicates very strong and steady bullish trend, however it
is Figure 11: BTCUSD Weekly
important to see that - as the price left the Monthly and Weekly Kijun- Sen level
far behind (the price is Figure 12: BTCUSD Daily
continuing its way up from 1200.00 to 3000.00. The second false Kumo- breakout happened on the 15th of July when again only the price broke out from the bottom of the Kumo, the Chikou Span bounced back from the same level and five days later
the price continued its way up until it reached 5000.00. On the 14th of September, the price retraced back to the Kumo cloud again – this time it didn’t even try to break out on the other side, the bottom of the Kumo was a strong enough resistance level
currently nearly at 20000.00 while the Kijun is at 10000.00 on the Weekly and Monthly timeframes) - there is disequilibrium on the market and there is a way too big room for a possible correction. If the correction happens, the strongest support levels are the Daily Kijun-Sen at 14000.00, the Weekly Kijun level at 10748.00 and
the Monthly 10000.00. Gabor Kovacs Technical Analyst
Author of “Te Ichimoku Beginner educational book”
Gaborkovacs.com
FX TRADER MAGAZINE January - March 2018 61 Kijun-Sen at
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