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Bitcoin’s price rises near $48,000 before meeting firm resistance
Bitcoin’s price is about to breach above the Ichimoku Cloud.
The $43,000 price level is critical near-term resistance.
A good closure above the Ichimoku Cloud lays the groundwork for fresh all-time highs.
Bitcoin price is coming off of the most bullish and hopeful weekly candlestick close since the current downtrend began (and new all-time high) on November 12, 2021. The Bulls hope to build on last week’s success and continue their upward trend.
Bitcoin’s price motion stops against a major resistance zone, signaling the start of a new rally
Bitcoin is now fluctuating between two critical price levels. The first of the levels is a support zone comprised of the 2022 Volume Point Of Control and the 61.8 percent Fibonacci retracement, located between $41,200 and $41,700. The second level is a resistance zone at $42,800, which is shared by the weekly Ichimoku Cloud (Senkou Span A) and the Tenkan-Sen.
If purchasers can take Bitcoin to or over $43,000, it will be the first time the price of Bitcoin has closed above the Ichimoku Cloud following a decline since the week of May 8, 2020. Furthermore, given the present oscillator readings and placements, a…
