Bitcoin Prices Topping $31.9K Would Confirm Long-Term Bullish Bias: Fairlead Strategies
The Ichimoku cloud, created by Japanese journalist Goichi Hosoda in the late 1960s, is used by traders and analysts to monitor momentum and trend direction.
Bitcoin (BTC) has rallied by 85% in the first half of 2023, outperforming traditional risk assets by a significant margin. Still, technical analysis research provider Fairlead Strategies remains long-term neutral on the world largest cryptocurrency by market value.
Per Fairlead, the long-term outlook will flip bullish once prices cross above "" resistance at $31,900" and momentum indicators like the MACD histogram validate the move.
"We remain long-term neutral on bitcoin, but a breakout above the weekly cloud and a monthly MACD 'buy' signal would dictate a bullish bias," analysts at Fairlead Strategies said in a note to clients on Monday.
Created by Japanese journalist Goichi Hosoda in the late 1960s, the Ichimoku cloud is primarily used by traders and analysts to define support and resistance levels and identify momentum and trend direction. It comprises two lines – the leading span A and the leading span B. The gap between the two lines forms the cloud. Crossovers above or below the cloud are widely taken to represent bullish or bearish trend change.
The is a moving average-based indicator used to gauge trend strength and changes. Crossovers above zero represent a bullish shift in momentum, while crossovers below zero suggest otherwise.
The weekly chart (above left) shows bitcoin is looking to extend past week's 15.5% rise, the biggest since March.
At press time, the cryptocurrency is changing hands at $30,700, with the cloud resistance located at around $31,900.
The renewed positive reading on the weekly chart MACD and the upturn in the indicator suggest scope for a breakout above the cloud resistance, per Fairlead.
The monthly chart MACD is yet to flash the bullish signal.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Visa Builds Year-Round Global Payment Infrastructure Using Stablecoins
- Visa partners with Aquanow to expand stablecoin settlement in CEMEA via blockchain integration. - The collaboration enables 365-day cross-border transactions using USDC , reducing costs and intermediary fees. - Visa's 2023 pilot achieved $2.5B annualized volume, accelerating adoption of faster, lower-cost solutions. - Stablecoin transactions now exceed $46T globally, with institutions like Deutsche Börse adopting euro-pegged tokens. - Visa's expansion strengthens its global settlement hub role, competing
Zcash News Update: Zero-Knowledge Proofs Address the Privacy Dilemma: Achieving Trust Without Revealing Data
- Zero-knowledge proofs (ZKPs), pioneered in 1985 by Goldwasser, Micali, and Rackoff, now enable secure, privacy-preserving transactions at scale, with costs dropping from $80 to under a penny per proof. - Blockchain projects like Scroll and Zcash demonstrate ZKPs' viability in real-world applications, including confidential finance and auditable privacy through ZK-rollups. - In AI, ZKPs verify computations without exposing sensitive data, enabling private model training while ensuring cryptographic valida
Bitcoin News Today: How Bitcoin's Energy Focus Is Shaping Its Transformation from a Fluctuating Asset to a Foundation for DeFi
- Elon Musk's SpaceX transfers $105M Bitcoin to new wallet, signaling strategic custody shift and long-term confidence in crypto's energy currency potential. - JPMorgan upgrades Bitcoin miners transitioning to high-performance computing (HPC) services, emphasizing energy efficiency and renewable integration for sustainable growth. - Bitcoin struggles near $91K amid bearish EMAs, requiring 50-day EMA retest for recovery, while Ethereum and XRP show mixed technical signals. - Industry trends position Bitcoin
Dogecoin News Update: Dogecoin ETFs Lag Behind, Quiet Whales Raise Investor Concerns
- Dogecoin whale activity plummeted to two-month lows, raising uncertainty about market strategies amid price consolidation near $0.133–$0.20. - U.S. spot Dogecoin ETFs (GDOG, BWOW) underperformed with weak inflows, contrasting Bitcoin/Ethereum ETF success and signaling altcoin market hesitancy. - Technical analysis highlights potential $0.181–$0.28 price targets if Dogecoin breaks above $0.156 resistance, though weak whale activity risks stalling momentum. - Broader ETF trends show uneven altcoin adoption
Trending news
MoreCrypto prices
More
