Last night at 8PM eastern standard time, Bitcoin price closed its weekly candle at roughly $9,325. While the close marked yet another week of failed attempts to break above $10,000, it also marked the first retest of the Ichimoku indicator Kumo, or “cloud.”
Another retest is in progress and currently holding. If Bitcoin price can hold above the key level and close again, it could be the start of a new, continued uptrend.Repeated Failures To Break Above $10,000, Is the Next Time The Last Time?
Bitcoin price continues to struggle with $10,000. The level has long been considered a “FOMO trigger” in which a strong reaction occurs to the up or downside.
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A handful of attempts have been made, but none of the tries have been able to hold strongly above $10,000. Once the cryptocurrency does make it back above the key level, it could be the last time the asset ever trades at prices below it.
Bitcoin Price Weekly Close Holds Above Ichimoku Cloud
Bitcoin price also couldn’t hold above the Kumo or “cloud” on the Ichimoku indicator during the early 2020 rally that peaked out in February, just ahead of the Black Thursday collapse.
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Last night’s weekly close held firmly above the cloud – currently green indicating bullish price action. Another retest of cloud support is in progress and appears to be holding thus far. If Bitcoin price can hold above the cloud, it may not be long before investors can say goodbye to prices below $10,000 for good. Adding more validity to the bullish signals on the indicator is a . A further fall and close back into the cloud, or worse, below it, could lead to another test of lows set in mid-March.
