Bitcoin's 'Ichimokou Cloud' Suggests Deeper Drop Toward $24K: Technical Analysis

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CoinDesk 3d ago

Bitcoin's 'Ichimokou Cloud' Suggests Deeper Drop Toward $24K: Technical Analysis - CoinDesk

Quick Summary:

Ichimoku Cloud, created by Japanese journalist Goichi Hosada in the 1960s, is widely used to gauge momentum and trend strength.

"This suggests an ongoing high-timeframe bullish trend with a decline in bullish momentum and the potential for near-term retrenchment," analysts at Valkyrie, led by Chief Investment Officer Steven McClurg, wrote in a note to clients on Tuesday.

The indicator comprises five lines: Leading Span A, Leading Span B, Conversion Line or Tenkan-Sen (T), Base Line or Kijun-Sen (K) and a lagging closing price line.