Looking at the 4hr chart, at the moment of typing this, BTC has dropped to its 100EMA which is in its Ichimoku Cloud Equilibrium Zone, BTC has rebounded of the 100EMA but needs to make it back across both The Conversion Line (Tenkan Sen) & Base Line (Kijun Sen) as well as the Leading Span A (Senkou Span A) which has now become Cloud (Kumo) Resistance. At the moment, BTC is having trouble making it back above the Conversion Line (Tenkan Sen) & Base Line (Kijun Sen) on the 4hr chart. If BTC drops more & the 100EMA fails as support, BTC may drop to the Leading Span B (Senkou Span B) Cloud Support. If that fails then BTC may drop to its 200EMA on the 4hr. If BTC drops out of the Equilibrium Zone then it will be in the Bearish Zone for the 4hr Timeframe, If the Tip of the Lagging Span (Chikou Span) drops below the Cloud (Kumo) into the Bearish Zone on the 4hr chart, that might lead to a downwards cascade effect on the other timeframes. I hope this is helpful.
Note
For those interested, here is an update showing the hourly chart and where BTC is and where it may go to over the next couple of hours using the Ichimoku Cloud System. I hope this is helpful. Note
3 Possible scenarios if BTC follows the full A,B,C,D,E wave count within the Symmetrical Triangle.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.