Hope Is Kindled: Bitcoin Going into the Weekend

5 Nov 2022

For the first time in many months the price of Bitcoin BTCUSD has pushed a closing bar outside of the Daily Ichimoku Cloud.

Using the Daily Ichimoku Cloud indicator on the traditional setting (9, 26, 52, 26) has been an accurate tool in defining the trend of Bitcoin going back over a decade. I even did a study proving that the performance of using this strategy outperforms even HODLing the whole time.

The next key indicator to consider Bitcoin properly in a bullish trend is for Momentum (aka Lagging Span, Chikou) to close outside of the Ichimoku Cloud. The price for this to happen in the near term is around 21900. Watch this weekend and into next week for the move to continue. In the meantime... the other major cryptocurrencies to watch are doing similar patterns:

Ethereum: ETHUSD
Much like Bitcoin price has closed outside the Ichimoku cloud but Momentum still lags. Ethereum becomes full on bullish with time and/or capturing 1700.


Monero: XMRUSD
Interestingly Monero is demonstrating MORE bullishness. Monero according to the Ichimoku strategy rules is already full bullish trending outside of the cloud.