Bitcoin

Resistance

Bitcoin price is only at $37,500 — a far cry from former all-time highs around $68,000. 
However, one visual technical analysis tool could show that overhead resistance is weak, and that the top cryptocurrency could rip right through what’s left. Could BTCUSD be <a href="https://www.newsbtc.com/bitcoin-news/failed-bearish-signal-could-send-bitcoin-to-85k-next-month/">back at all-time highs</a> faster than most are ready for? 
<h2 id="bitcoin-price-breaks-above-the-monthly-ichimoku-cloud">Bitcoin Price Breaks Above The Monthly Ichimoku Cloud</h2> 
Technical analysts rely on a variety of tools to help provide signals to visually inspect and either manually or automatically take positions based on the results. 
One such tool, created by a Japanese journalist Goichu Hosoda, is called the <a href="https://coinchartist.io/ichimoku/education/technical-indicators-oscillators/" target="_blank" rel="noopener nofollow">Ichimoku</a>. Hosoda was nicknamed “Ichimoku Sanjin” which loosely translates to “what the man in the mountain sees.” The idea behind the Ichimoku is that it provides an “at a glance” view of all market conditions. 
For example, the cloud plots where future support and resistance may lie. Meanwhile, the Tenkan-sen and Kijun-sen act as trend-following tools that cross bearish and bullish depending on price action. These spans can also act as support and resistance. 
With all that out of the way, all it takes is “one glance” at the chart below and we can see there is very little 1M BTCUSD resistance left. 
<img loading="lazy" decoding="async" class="alignnone size-large wp-image-561652" src="https://www.newsbtc.com/wp-content/uploads/2023/11/52b202a9-8624-48e1-ab6d-51d8df43f00b_4015x2358.png?w=860&amp;resize=860%2C505" alt="bitcoin btcusd" width="860" height="505" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/52b202a9-8624-48e1-ab6d-51d8df43f00b_4015x2358.png?w=4015 4015w, https://www.newsbtc.com/wp-content/uploads/2023/11/52b202a9-8624-48e1-ab6d-51d8df43f00b_4015x2358.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/52b202a9-8624-48e1-ab6d-51d8df43f00b_4015x2358.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/52b202a9-8624-48e1-ab6d-51d8df43f00b_4015x2358.png?w=860&amp;resize=860%2C505 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/52b202a9-8624-48e1-ab6d-51d8df43f00b_4015x2358.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/52b202a9-8624-48e1-ab6d-51d8df43f00b_4015x2358.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/52b202a9-8624-48e1-ab6d-51d8df43f00b_4015x2358.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/52b202a9-8624-48e1-ab6d-51d8df43f00b_4015x2358.png?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2023/11/52b202a9-8624-48e1-ab6d-51d8df43f00b_4015x2358.png?w=3000 3000w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
<h2 id="clear-skies-above-major-resistance-but-minor-pullbacks-a-plenty">Clear Skies Above Major Resistance, But Minor Pullbacks A Plenty</h2> 
Also at just a glance, it is possible to see how each time Bitcoin price passed through these spans and the Ichimoku cloud, an extended bull market formed. 
It is important to note, however, that the Tenkan-sen (blue) and Kijun-sen (maroon) are still crossed bearish. But this also happened prior to each bull run. 
Additionally, the lagging span has been omit from this chart. Called the Chikou span in Japanese, the lagging span shows where former support and resistance used to be, which means Bitcoin does have some less significant resistance levels to contend with at around $43,000 and again around $60,000. 
Beyond $60,000, the Ichimoku shows nothing but air. Could this really mean clear skies for Bitcoin once the Ichimoku cloud is officially left behind? 
This chart appeared initially in Issue #27 of CoinChartist VIP. Click <a href="https://coinchartist.substack.com/p/issue-27-the-ethereum-issue" rel="nofollow">here</a> to read the rest of the issue.

Clear Skies: Why Bitcoin Overhead Resistance Is Weak

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