BitcoinLong
Bitcoin - Market decision time / Daily Candle Close Breakout?
Mis à jour
Hi TradingView Community,
I haven't needed to update from my last post until now, as our failed breakout attempts have continued as we projected bearish future and not a strong signal for the breakout to continue upside momentum (cloud 26 periods in front of price). Please refer to my previous posts.
What can we see now / What are our signals?
Long Wicks are evident as we tried to breakout of the cloud, however the moves up were rejected by the market and price fell and consolidated in the cloud. We are into the 9th day of general consolidation, you could draw a box around the range we have traded over the last week/few days between $9600 - 8950 BTCUSD.
Now for the first time we may actually have a candle close outside of the cloud and this time if we have all rules met for a breakout trade giving us a higher probability for a move to the upside.
Rules of Cloud Breakout - Ichimoku :
1. Price Break above cloud and above Kijun (Brown line) (YES) & Close Above (About to CLOSE ON DAILY CHART)
2. Bullish Green Future (26 Periods in front of current candle, is it a green bullish future - YES)
3. TK Cross - YES Stronger Bullish Signal (Blue line crossed Brown)
4. CK Span - YES Above price (Purple Line above price at that period)
This candle close is crucial as confirmation of our rules and as an indicator of momentum.
Always consider your stops and risk management with every trade setup.
Mattchimoku
*Not in any way trading advice, consider my personal perspective/opinion only*
I haven't needed to update from my last post until now, as our failed breakout attempts have continued as we projected bearish future and not a strong signal for the breakout to continue upside momentum (cloud 26 periods in front of price). Please refer to my previous posts.
What can we see now / What are our signals?
Long Wicks are evident as we tried to breakout of the cloud, however the moves up were rejected by the market and price fell and consolidated in the cloud. We are into the 9th day of general consolidation, you could draw a box around the range we have traded over the last week/few days between $9600 - 8950 BTCUSD.
Now for the first time we may actually have a candle close outside of the cloud and this time if we have all rules met for a breakout trade giving us a higher probability for a move to the upside.
Rules of Cloud Breakout - Ichimoku :
1. Price Break above cloud and above Kijun (Brown line) (YES) & Close Above (About to CLOSE ON DAILY CHART)
2. Bullish Green Future (26 Periods in front of current candle, is it a green bullish future - YES)
3. TK Cross - YES Stronger Bullish Signal (Blue line crossed Brown)
4. CK Span - YES Above price (Purple Line above price at that period)
This candle close is crucial as confirmation of our rules and as an indicator of momentum.
Always consider your stops and risk management with every trade setup.
Mattchimoku
*Not in any way trading advice, consider my personal perspective/opinion only*
Note
We have closed outside of the cloud on the Daily Chart. This is a bullish sign now we need to see if the market agrees.Consider this:
- There is a bit of resistance where Tenken sen is located (blue line), I'd like to see it break $9600 level
- 200MA (Orange line) has held and offered support in which yesterdays candle bounced off
Note
Follow along on the 1HR Chart. Its good to look higher daily/weekly timeframe then drill down to 4hr or 1hr for the short term momentum.Note
Tenken Sen (Blue Line) - acting as short term resistance has denied a move to the upside.
If we could of gotten above Tenken Sen with the candle close, we'd be looking bullish. The market decided and the move was hindered, now we are back in the cloud consolidating.
Note
Tenken sen acting as resistance.. we dropped and held support at the bottom of the kumo cloud!
Note
Kijun is our equilibrium point on the chart, where price comes back to.
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