Bitcoin H1: The Ichimoku Forecast for the European Session at 1.11.2024
Technical
The main signal of the latest trading sessions is the intersection of the Tenkan and Kijun lines, marked on the chart with a pink square. This is a negative signal....
The main signal of the latest trading sessions is the intersection of the Tenkan and Kijun lines, marked on the chart with a pink square. This is a negative signal. It indicates a change in the upcoming trend to a downward one.
The second most important signal is the change in direction of the Kumo cloud, marked with a vertical purple line. A change in the color of the cloud to lilac indicates a transition of the priority direction of movement to downward.
The current situation:
Let's look at the main components of the indicator and their current values:
A signal of three lines is being observed on the Bitcoin chart. The price is below the red Tenkan line, the blue Kijun line, and the Kumo cloud. This signal indicates further development of the downward movement.
The Kumo cloud is colored lilac. It indicates the priority of the downward vector of price movement.
The price is below the Kumo cloud, which is now acting as a resistance area for the price.
The Chinkou line is now below the current price.
Trading recommendations:
Dynamic resistance levels are on the Tenkan line, in the area of the 69770.85, the Kijun line, near the 70791.50, the SenkouA line, at the level of 72262.52, and the SenkouB line, around 71735.55.
Considering all the signals of the Ichimoku indicator, intraday it is worth prioritizing the signals for entering short positions when the price rolls back to resistance levels.
The second most important signal is the change in direction of the Kumo cloud, marked with a vertical purple line. A change in the color of the cloud to lilac indicates a transition of the priority direction of movement to downward.
The current situation:
Let's look at the main components of the indicator and their current values:
A signal of three lines is being observed on the Bitcoin chart. The price is below the red Tenkan line, the blue Kijun line, and the Kumo cloud. This signal indicates further development of the downward movement.
The Kumo cloud is colored lilac. It indicates the priority of the downward vector of price movement.
The price is below the Kumo cloud, which is now acting as a resistance area for the price.
The Chinkou line is now below the current price.
Trading recommendations:
Dynamic resistance levels are on the Tenkan line, in the area of the 69770.85, the Kijun line, near the 70791.50, the SenkouA line, at the level of 72262.52, and the SenkouB line, around 71735.55.
Considering all the signals of the Ichimoku indicator, intraday it is worth prioritizing the signals for entering short positions when the price rolls back to resistance levels.
Author
Nikolai Krishtopov
Market Analyst & Marketing Manager, Investizo
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.