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Bitcoin Holds Above The Clouds As Bulls Prepare For Heavenly Monthly Close
All eyes are on Bitcoin as the cryptocurrency embarks on its next moon mission. But like any rocketship heading off toward its final destination, it must first make it through the clouds and eventually break out of the atmosphere.
For Bitcoin, however, on monthly timeframes, the cryptocurrency is currently trading above the Ichimoku cloud and holding strong. If it can hold this crucial support level, next stop is a push toward atmospheric resistance at the asset’s former all-time high of $20,000.
Although the first-ever cryptocurrency has been in a bear market for three years now, Bitcoin price only closed below the monthly Ichimoku cloud for the first time in December 2019.
Following that close, the January candle retested the cloud as support turned resistance, but failed to get back through. February’s top was rejected by the monthly Ichimoku cloud, back down to Black Thursday lows.
After that final drop, Bitcoin price made it back above the Ichimoku cloud in October 2016. At the time, the cryptocurrency was still trading below $700 per BTC.
Four months later, Bitcoin broke its former all-time high. A full 14-months later, the cryptocurrency was trading just under $20,000 per coin. The rally brought investors as much as 2700% return over the next year, plus.
Could a similar rally happen again if Bitcoin price holds strong above the Ichimoku cloud?