Bitcoin H1: The Ichimoku Forecast for the American Session on 22.11.2024
22.11.2024 15:46
Technical
One of the most important signals in the Ichimoku indicator is the intersection of the Tenkan and Kijun lines. On the current Bitcoin chart, this signal is marked with a pink square. Subsequent developments led to a decrease in the price for the Tenkan line. The upward momentum, that was initially suggested as an intersection, did not materialize. Instead, the price showed weakness and was unable to maintain its positions.
The current situation:
Let's carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The price is currently above the Tenkan and the Kijun lines. It indicates a temporary slowdown in movement and a potential price consolidation.
The dynamics of price movement over a longer distance is determined by the Kumo cloud, which is now colored orange. Thus, this signal prioritizes the upward vector of price movement in the future.
Currently, the Kumo cloud lines represent a dynamic support area for price.
Used by investors to identify a change in trend, the green Chinkou line is held below the price on the chart.
Trading recommendations:
Dynamic support levels are located on the Kijun line, near the 97581.25, the SenkouA line, at the 95634.17, and the SenkouB line, near the 94457.30.
The dynamic resistance level is on the Tenkan line, around the 98916.50 mark.
Based on the results of the analysis, most technical indicators of the Ichimoku system indicate an upcoming price increase. Therefore, intraday it is worth prioritize the long positions that can be considered from the defined support levels.
The current situation:
Let's carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The price is currently above the Tenkan and the Kijun lines. It indicates a temporary slowdown in movement and a potential price consolidation.
The dynamics of price movement over a longer distance is determined by the Kumo cloud, which is now colored orange. Thus, this signal prioritizes the upward vector of price movement in the future.
Currently, the Kumo cloud lines represent a dynamic support area for price.
Used by investors to identify a change in trend, the green Chinkou line is held below the price on the chart.
Trading recommendations:
Dynamic support levels are located on the Kijun line, near the 97581.25, the SenkouA line, at the 95634.17, and the SenkouB line, near the 94457.30.
The dynamic resistance level is on the Tenkan line, around the 98916.50 mark.
Based on the results of the analysis, most technical indicators of the Ichimoku system indicate an upcoming price increase. Therefore, intraday it is worth prioritize the long positions that can be considered from the defined support levels.