TECHNICAL ANALYSIS
FX Figure 10: BTCUSD Weekly
breakout in April, it couldn’t break through the significant 10000.00 level and bounced back to the bearish di re ction in May. After entering into the Kumo and crossing down the Kijun-le vel on the 11th of May, nothing stopped the price to fell down to its pre vious low at around 6500.00 and in June it even got near the significant low 6000.00 level .
Figure 11: BTCUSD Daily
above it with the bul lish trend of the currency pa i r until the end of May. In June the volume of the movement be came moderated and the price bouncied around the flat Kijun-level without reaching new highs .
The Daily chart is st ill in a bul lish trend, while the Weekly and Monthly char t s are quite undecided. The ma in
suppor t levels are at 100.00 (a few pips below
the Monthly Kumo bottom) and 109.00 (Weekly Kijun- Sen level ), while
the most
significant resistance level is at 113.00 (Weekly Kumo top).
BTC
The Bitcoin cont inued its bearish run dur ing the se cond quar ter of 2018. Even though it crossed up the Kijun-Sen and even performed a bul lish Kumo
It is also impor tant to see that on the Weekly chart the price got on the bearish side of the Kumo first time since years and however the Kumo is very thin and therefore can’t be considered as a ver y s trong resistance level, it is s t ill a significant incidence that indicates fur ther bearish movement s .
Apart from the significant round level 10000.00, the most impor tant resistance le vels are at
12000.00
(Weekly Kijun-Sen and Kumo top) and at 8500.00 (Da ily Kumo top), while the closest
suppor t le vel is at
6000.00 (la st low). Gabor Kovacs
Technical Analyst Author of “The Ichimoku
Beginner educational book” FX TRADER MAGAZINE July - September 2018 39
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