Bitcoin Indicator Indicates Stunning Results
However, some signs of weakness continue to blink, as the price cannot achieve an upward momentum.This weakness suggested that an indicator could be positioned to quickly see a rapid move up to the $ 7,100 level if it cannot take any heavy buying pressure for cryptocurrency.This happens when crypto sellers begin to turn a previous support level into resistance and point out that short-term weaknesses will be soon
Since the cryptocurrency is currently caught in a transaction between $ 9,000 and $ 10,000, Bitcoin’s inanimate price movements are not allowing the bullish.This interval has been created over the past few months, and every break above or below flies away.
It is a strong possibility that this consolidation phase will be the way BTC’s premise before making a big move.A technical indicator shows that the next move can support the bears, as it shows that the Ichimoku cloud can bring the price to $ 7,100 in the event of a break.However, the same indicator shows that a break can catalyze a significant momentum that sends the price to $ 13,000.
Signs of Weakness in Bitcoin
At the time of writing, Bitcoin is trading just over 1% at its current price of $ 9,080. These levels are where it has been traded in the last few days.Last week, BTC was subjected to a turbulence when its price rose to $ 9,800, facing a rejection that fell to its lowest level of $ 8,900.
Although this cryptocurrency jeopardized the stage, buyers had enough power to send it above the lower limit of the specified range.A factor to note is that there is a $ 9.225 support-resistant short move that can create even more downward fuel.An analyst talked about this level in the last tweet and explained that the bulls want to move the price above this level.
Where the Ichimoku Cloud Shows
Bitcoin’s Ichimoku Cloud suggests that the next move will likely be large and $ 13,000 as an upward target and $ 7,100 as a downward target.
After frequent refusals at the $ 10 thousand level, the downward trend and support points turning into resistance show that the next move will be downward.A popular analyst points to a chart showing the cloud, saying that “the 1-day BTC cloud is still showing a weaker momentum.”