BTC/USD Technical Analysis: Today I’d like to take a look at Bitcoin’s price action and conduct an Ichimoku-based technical analysis on the daily chart. What needs to be done for Bitcoin to revive its bullish momentum back to all-time highs?
BTCUSD Technical Analysis
After reaching the all-time high levels close to $20,000 in December 2017, BTC saw sharp pullbacks all the way down to the 78% Fibonacci retracement level by February 2018. $5,970 provided hard support on February 6th. BTC/USD then spent the rest of February erasing losses.
That is until it hit the daily Ichimoku cloud which has been acting as a resistance. Not only that, another resistance that prevented the bullish sentiment to continue, was the strongest Fibonacci level of them all, the 50%.
At around $11,544, BTC/USD formed an evening star candlestick chart pattern.The good news is, the Tenkan line has crossed above the Kijun line on Ichimoku Kinko Hyo's daily setup. BTC is currently supported by the 61% Fibonacci at $9,570. So all it needs is a renewed bullish momentum to help it cross over the Ichimoku cloud. So far at the time of filming early during Monday’s Asian trading session, the sentiment seems indecisive. We can see a Spinning Top candlestick right above the key Fibonacci support.
Bitcoin market cap currently stands a little above $164 billion.
In the international fundamental news, we've learned that one of Northern Ireland’s biggest residential property developers, will now be accepting Bitcoin as a payment method. This is reportedly the first house-building firm in the Republic of Ireland to accept BTC payments. They do recognize the challenges in accepting Bitcoin as payment. But are ready to take a chance.
So it looks like if we get the price action back in the right momentum, the fundamentals could support a higher Bitcoin price.