Ichimoku Cloud Analysis for Bitcoin.

Ichimoku Cloud Analysis for Bitcoin.
BraveNewCoin Liquid Index for Bitcoin BNC:BLX
R2BTC2

This chart is representing one of the best trend following indicators, the Ichimoku Cloud .

The Ichimoku cloud exists of a:

- green cloud and a red cloud (Kumo).
- The blue line is the fast moving average (Tenkan).
- The red line is the slow moving average ( Kijun).

Whenever we depart from a bear market into a bull market, The price needs to break into the red cloud.
Then you want to see a bullish crossover from the Tenkan into the Kijun.
And as confirmation you want the price to break out of the cloud and turn the next cloud green.

As you can see in this chart, during a bull market, when the price corrects it uses the Kijun or Tenkan as support and bounces back, making new higher high's
Recently when the price broke down from the ( bearish ) descending triangle . We could not use the Kijun or Tenkan as support, indicating that we will go much lower than this.

I am expecting the price to go as low as 6900-7100 right now and then a bounce back up. Which should provide for the next selling opportunity back to 6000 range.

Entry:6900-7100
Target: 8700
Re-buy stop: 9000

Best regards, R2