One of the main signals of previous trading sessions was the intersection of the Tenkan and Kijun lines. This area is marked with a pink square on the graph. The rise of the Tenkan line above the Kijun line is a positive signal, which may indicate a possible change in the trend to an upward one.
The second most important signal is the change in direction of the Kumo cloud, marked with a vertical purple line. A change in the color of the cloud to lilac indicates a transition of the priority direction of movement to downward.
The current situation
Let’s look at the main components of the indicator and their current values:
The so-called Three Line Signal is being observed on the Bit.Cash chart now. The price is above the red Tenkan line, the blue Kijun line, and the Kumo cloud. This signal indicates the predominance of an upward movement.
The Kumo cloud is colored lilac. It indicates the priority of the downward vector of price movement.
In addition, the price is above the Kumo cloud, which acts as a potential support zone.
Used by investors to identify a change in trend, the green Chikou line is above the price on the chart.
Trading recommendations:
Dynamic support levels are seen at the Tenkan line near 560.76, the Kijun line around 559.97, the SenkouA line near 559.78, and the SenkouB line around 539.74.
The Ichimoku indicator signals show a predominance of the market positive sentiment, so within the day the preference should be given to the search for long positions entry points from the support levels indicated above.
