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"Cloud" Resistance in Bitcoin Is Frightening: If This Level Is Not Surpassed, the Plummet Will Continue! - Koin Bülteni
The price of Bitcoin (BTC) is trading at the lower boundary of the Ichimoku cloud, which is a critical technical resistance, while the risk-reward ratio does not appear attractive for investors in the short term.
Capturing the right entry point in the cryptocurrency market is seen as one of the most important factors determining the success of investors. In this context, the recent upward trend exhibited by Bitcoin has reactivated bull investors, but the proximity to the current resistance level increases the risks for those looking to buy.
Bitcoin is facing strong resistance at the lower boundary of the Ichimoku Cloud (Ichimoku Bulutu) which has been around 85 thousand dollars since Saturday. This technical analysis tool developed by Japanese journalist Goichi Hosoda in the 1960s provides investors with comprehensive information about market momentum as well as support and resistance areas. The Ichimoku Cloud is defined as the area between the Leading Span A and Leading Span B lines, and when the price is below the cloud, it is considered a bearish signal, while being above it is considered a bullish signal.
At the beginning of February, Bitcoin, which fell below 100 thousand dollars, has been testing the lower region of the Ichimoku cloud as resistance since that date and faces selling pressure in every attempt. Most recently, the sharp drop from the lower boundary of the cloud on April 2 pulled the BTC price below 75 thousand dollars.
Bitcoin reaching the lower boundary of the cloud again indicates that risks are increasing for investors considering opening long positions. In the current situation, if the 85 thousand dollar level is not surpassed, the price of Bitcoin may face renewed downward pressure, with the 75 thousand dollar level emerging as the initial support point.
However, BTC exceeding 90 thousand dollars and rising above the Ichimoku cloud could signify the beginning of a strong upward trend towards a new record level. Therefore, the direction in which the market will move in the coming days could be decisive.