Clear Skies: Why Bitcoin Overhead Resistance Is Weak

Clear Skies: Why Bitcoin Overhead Resistance Is Weak

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 back at all-time highs faster than most are ready for? Bitcoin Price Breaks Above The Monthly Ichimoku Cloud 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....

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Bitcoin is fast approaching a long-watched overhead resistance level formed in the time following its recent rejection at its $19,500 all-time highs. The selling pressure here proved to be quite significant and caused the cryptocurrency to see a strong decline that led it to lows of $16,400. This movement was perpetuated by various factors, including […]