A signal to close positions is now occurring on the 3-day chart with the conversion line (blue) falling down to meet the base line (red) on the Ichimoku indicator. We could easily see a 10% correction back down to cloud support.
Price is also dropping below cloud on the 1-day chart. We need to see a 4% price boost to save the momentum turning bad over the next few days.
Given the lack of price direction for the past few weeks, indicators are crossing each other on multiple time-frames giving 'mixed signals'.
We remain neutral on bitcoin until indicators on multiple time-frames align. By that point we'll have already began price movement, but at least we avoid getting chopped up by the current indecisive market.
Price is also dropping below cloud on the 1-day chart. We need to see a 4% price boost to save the momentum turning bad over the next few days.
Given the lack of price direction for the past few weeks, indicators are crossing each other on multiple time-frames giving 'mixed signals'.
We remain neutral on bitcoin until indicators on multiple time-frames align. By that point we'll have already began price movement, but at least we avoid getting chopped up by the current indecisive market.
