Bitcoin's Ichimoku cloud breakout has exposed the 200-day moving average hurdle. reports godbole17
Bitcoin appears to have turned the corner and could continue to gain ground in the near term, Fairlead Strategies said, citing a widely-tracked technical tool called Ichimoku cloud.
"The breakout reverses the intermediate-term downtrend and puts the next major hurdle on the chart in the $50,000-$51,000 area based on the 200-day moving average and a 50% retracement level," Stockton added. The indicator uses a somewhat complex formula to plot these lines. However, users don't need to know the inner workings, which are taken care of by chart providers, and can focus on interpreting the signals given by the indicator.e cloud turns green, signaling a bullish bias when the leading span A crosses above the leading span B. The cloud color changes to red whenever the leading span B drops under the leading span A.
The 200-day moving average and Fibonacci retracement are widely used to identify long-term trends and potential support and resistance levels.
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