There has been some euphoria concerning the price of Bitcoin, which has risen over the last few days. Nevertheless, this has not stopped some pundits declaring that the long-awaited uptrend has arrived. For a moment I thought here we go again. But on second thoughts, the charts might just be telling us there is cause for celebration (limited cause for celebration).
Looking at the chart below, one can see some encouraging signs (See grey circle). Proponents of the Ichimoku Clouds will see two key things. First, the blue line (conversion line) or Tenkan-sen has crossed over the red line (base-line) or Kijun-sen on the 20thof April. Second, it looks like the green cloud line (Sekou Span B) will cross over the red cloud line (Sekou Span A) any time soon indicating bullish sentiments.
Third, the candles for the 23rd and 24th are breaking out of the clouds. If all three events continue, conditions may have just turned bullish. This may signify that the price of Bitcoin crosses the US$10,000 psychological barrier. If that happens, we may be in for another price run. But as I have always said, let’s wait and see.
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