{"id":427441,"date":"2020-06-15T16:00:30","date_gmt":"2020-06-15T16:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=427441"},"modified":"2024-06-11T14:03:58","modified_gmt":"2024-06-11T14:03:58","slug":"bitcoin-holds-retest-key-weekly-cloud","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-holds-retest-key-weekly-cloud\/","title":{"rendered":"About The Clouds: Bitcoin Holds Retest Of Key Weekly Level"},"content":{"rendered":"<p>Last night at 8PM eastern standard time, <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> closed its weekly candle at roughly $9,325. While the close marked yet another week of failed attempts to break above $10,000, it also marked the first retest of the Ichimoku indicator Kumo, or &#8220;cloud.&#8221;<\/p>\n<p>Another retest is in progress and currently holding. If Bitcoin price can hold above the key level and close again, it could be the start of a new, continued uptrend.<\/p>\n<h2>Repeated Failures To Break Above $10,000, Is the Next Time The Last Time?<\/h2>\n<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> continues to struggle with $10,000. The level has long been considered a &#8220;<a href=\"https:\/\/wncen.com\/2019\/06\/19\/tom-lee-bitcoin-price-btc\/\">FOMO trigger<\/a>&#8221; in which a strong reaction occurs to the up or downside.<\/p>\n<p>During the 2017 crypto bubble, once Bitcoin price broke above the resistance level, it peaked at $20,000 less than a month later.<\/p>\n<p>Since then, the first-ever cryptocurrency has spent nearly three years trying to get back and hold above the key level.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/06\/10\/bitcoin-price-taps-10000-btcusd\/\">Bitcoin Abruptly Surges to $10,000: But Here\u2019s Why a Brutal Rejection Awaits\u00a0<\/a><\/strong><\/em><\/p>\n<p>A mid-2019 rally made it above, even reaching $14,000, but was rejected back below and hasn&#8217;t made it back above since.<\/p>\n<p>A handful of attempts have been made, but none of the tries have been able to <a href=\"https:\/\/wncen.com\/2020\/06\/10\/bitcoin-price-taps-10000-btcusd\/\">hold strongly above $10,000<\/a>. Once the cryptocurrency does make it back above the key level, it could be the last time the asset ever trades at prices below it.<\/p>\n<figure id=\"attachment_135919\" aria-describedby=\"caption-attachment-135919\" style=\"width: 980px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"wp-image-135919 size-large\" src=\"https:\/\/i0.wp.com\/bitcoinist.com\/wp-content\/uploads\/2020\/06\/bitcoin-ichimoku-cloud-weekly-bullish.png?fit=860%2C860&#038;ssl=1\" alt=\"bitcoin ichimoku cloud weekly level bullish\" loading=\"lazy\"><figcaption id=\"caption-attachment-135919\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSD\/uurf0HM6-Bitcoin-BTC-Holds-Above-Ichimoku-Cloud-Bullish-Cross-on-Weekly\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<h2>Bitcoin Price Weekly Close Holds Above Ichimoku Cloud<\/h2>\n<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> also couldn&#8217;t hold above the Kumo or &#8220;cloud&#8221; on the Ichimoku indicator during the early 2020 rally that peaked out in February, just ahead of the Black Thursday collapse.<\/p>\n<p>A couple of weekly closes came close to the top of the cloud, but selling pressure pushed prices back through it, and when it came out the other end of the cloud, the asset fell another 50% in a flash.<\/p>\n<p>This time seems to be different, however. During the last rally, Bitocin price again was rejected by the top of the cloud, back into it. However, this time the bottom of the cloud held, prompting another retest at the top of the structure.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | This Unusual Factor Could Reignite Crypto\u2019s Notorious Volatility\u00a0<\/strong><\/em><\/p>\n<p>Last night&#8217;s weekly close held firmly above the cloud \u2013 currently green indicating bullish price action. Another retest of cloud support is in progress and appears to be holding thus far.<\/p>\n<p>If Bitcoin price can hold above the cloud, it may not be long before investors can say goodbye to prices below $10,000 for good.<\/p>\n<p>Adding more validity to the bullish signals on the indicator is a <a href=\"https:\/\/www.investopedia.com\/terms\/i\/ichimoku-cloud.asp\" target=\"_blank\" rel=\"noopener nofollow\">bullish crossover of the two senkou spans<\/a>.<\/p>\n<p>A further fall and close back into the cloud, or worse, below it, could lead to another test of lows set in mid-March.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last night at 8PM eastern standard time, Bitcoin price closed its weekly candle at roughly $9,325. While the close marked yet another week of failed attempts to break above $10,000, it also marked the first retest of the Ichimoku indicator Kumo, or &#8220;cloud.&#8221; Another retest is in progress and currently holding. If Bitcoin price can hold above the key level and close again, it could be the start of a new, continued uptrend. Repeated Failures To Break Above $10,000, Is the Next Time The Last Time? Bitcoin price continues to struggle with $10,000. The level has long been considered a &#8220;FOMO trigger&#8221; in which a strong reaction occurs to the up or downside. During the 2017 crypto bubble, once Bitcoin price broke above the resistance level, it peaked at $20,000 less than a month later. Since then, the first-ever cryptocurrency has spent nearly three years trying to get back and hold above the key level. Related Reading | Bitcoin Abruptly Surges to $10,000: But Here\u2019s Why a Brutal Rejection Awaits\u00a0 A mid-2019 rally made it above, even reaching $14,000, but was rejected back below and hasn&#8217;t made it back above since. A handful of attempts have been made, but none of the tries have been able to hold strongly above $10,000. Once the cryptocurrency does make it back above the key level, it could be the last time the asset ever trades at prices below it. Bitcoin Price Weekly Close Holds Above Ichimoku Cloud Bitcoin price also couldn&#8217;t hold above the Kumo or &#8220;cloud&#8221; on the Ichimoku indicator during the early 2020 rally that peaked out in February, just ahead of the Black Thursday collapse. A couple of weekly closes came close to the top of the cloud, but selling pressure pushed prices back through it, and when it came out the other end of the cloud, the asset fell another 50% in a flash. This time seems to be different, however. During the last rally, Bitocin price again was rejected by the top of the cloud, back into it. However, this time the bottom of the cloud held, prompting another retest at the top of the structure. Related Reading | This Unusual Factor Could Reignite Crypto\u2019s Notorious Volatility\u00a0 Last night&#8217;s weekly close held firmly above the cloud \u2013 currently green indicating bullish price action. Another retest of cloud support is in progress and appears to be holding thus far. If Bitcoin price can hold above the cloud, it may not be long before investors can say goodbye to prices below $10,000 for good. Adding more validity to the bullish signals on the indicator is a bullish crossover of the two senkou spans. A further fall and close back into the cloud, or worse, below it, could lead to another test of lows set in mid-March.<\/p>\n","protected":false},"author":517,"featured_media":427458,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,79529,11089,71635,76835],"class_list":["post-427441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-ichimoku","tag-ichimoku-cloud","tag-ichimoku-indicator","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>About The Clouds: Bitcoin Holds Retest Of Key Weekly Level<\/title>\n<meta name=\"description\" content=\"Last night at 8PM eastern standard time, Bitcoin price closed its weekly candle at roughly $9,325. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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