Bitcoin Weekend Forecast: Cloudy With A Chance Of Reversal

Bitcoin price is at a pivotal zone, nearing a potential point of no return for bulls. However, the weekend forecast could suggest sunnier skies are in the future, so long as BTCUSD holds above the weekly Ichimoku cloud. Here is a closer look at BTCUSD weekly timeframes “at a glance” using the Ichimoku Kinko Hyo. Bitcoin price is holding above the cloud | Source: BTCUSD on TradingView.com Weekly Bitcoin Price Action At A Glance Using Ichimoku Using nothing more than the naked Ichimoku chart above, BTCUSD weekly has touched and found support at the cloud – also called the Kumo. The blue conversion line is above the maroon-colored base line, indicating the market is still bullish, but consolidating. A bullish trending market would see Bitcoin price trading above both lines. Touching the cloud itself isn’t always significant. However, only weekly timeframes, retesting the same cloud is what kickstarted the bull run. Flipping the Ichimoku cloud started the bull run | Source: BTCUSD on TradingView.com Losing the cloud would be substantial. It could mean the bull cycle has finished, or that extended consolidation is ahead. The last time the weekly cloud was lost was the Black Thursday collapse in March 2020. The Ichimoku is among the few technical indicators that focus on both time and price. Tapping the cloud means that it is time to look for other signals for more confirmation. Three potential supporting...