Bitcoin Ichimoku Cloud Stabilizes As BTC Price Rises From 4-Month Low
Bitcoin rallied to the July 5 Wall Street open as the market completed the start of the Gox settlement.
Bitcoin Bull Market: “Rocky Road Ahead”
Data from Cointelegraph Markets Pro and TradingView tracked a 3.8% Bitcoin (BTC) price rebound from $55,550 lows on Bitstamp.
This represents the lowest level for BTC/USD since the end of February, when liquidity was loaded and the sentiment was close to “high fear”.
Market watchers, surprised by the scale of the recent decline, blamed the start of transfers on wallets linked to the WAXMt.Gox recovery process.
“The first transfers have started. Following these transfers, the market sold off again. Now comes the time when we will know how much it is selling and how the market will handle it, writes popular trader Dan CryptoTrades on X.
“Rocky road ahead but good for the place long-term once this massive supply glut is cleared.”
According to Cointelegraph, for Mt. Gox lenders involved in the distribution of the total funds in Bitcoin and Bitcoin Cash (BCH) was more than 8 billion dollars.
Daan Crypto Trades BTC/USDT continues to observe a wide downward trending channel – something that the most cautious crypto trader Il Capo considers an encouraging sign.
“Interaction with channels often means adaptive design (reinforcement before proceeding),” he replied.
Meanwhile, even the more conservative voices in the business community gave the assassins a hard time.
“Bitcoin's higher time frame market structure is under test,” acknowledged trader Jelle while analyzing the three-day chart.
We are looking at a lower low in the standings — but it all depends on the close of the candle — which coincides with the close of the weekly candle. Close above $57k and the structure remains dim.
Ichimoku BTC price looks like a monthly close
The latest weekly candle against the Ichimoku Cloud indicator has put further pressure on the bull market.
RELATED: Watch These Bitcoin Price Levels Next As $52K Supertrend May Cause Breakout
At $56,150, the price has fallen below the Kijun Sen trend on the weekly time frames, the weekly candle against it and the upper trend line Tenkan Sen.
Commenting on the setup, the prominent trader of cryptos suggested that the monthly timeframe closing below the Kijun Sen calls for a rethinking of the entire breakout market structure.
“In terms of Ichimoku, unless the monthly candle closes below the Kijun and is confirmed by the following monthly candle, Bitcoin remains bearish,” part of a recent X post.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
