During previous trading sessions, the intersection of the Tenkan and Kijun lines, marked with a pink square, was observed on the Bit.Cash chart. This signal indicates a potential change in the downward trend.
The second important signal is a change in the color of the Kumo cloud, which is marked with a vertical purple line on the graph. The appearance of a lilac color in the cloud indicates a change in the priority direction of movement to downward.
The current situation
Let’s carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The Tenkan and the Kijun lines are positioned above the current price. It indicates a negative market sentiment in the moment.
Now the Kumo cloud is tinted lilac, which indicates a possible change in price dynamics in a negative direction.
Currently, the Kumo cloud lines represent a dynamic support area for price.
Used by investors to identify a change in trend, the green Chikou line is held below the price on the chart.
Trading recommendations:
Dynamic support levels are on the SenkouA line, at the level of the 489.21, and the SenkouB line, around the 493.52.
Dynamic resistance levels are on the Tenkan line, around the 495.72 mark, and the Kijun line, around the 509.14 mark.
The main Ichimoku system indicators prioritize searching for entry points into short positions, on a price rollback to the resistance levels.
