Market commentators say that Bitcoin’s Ichimoku cloud breakout signals further bullishness.
, told CoinDesk on Wednesday. Stockton further added:
“The breakout reverses the medium-term downtrend and the next major hurdle is $50,000-51,000, which corresponds to the 200-day moving average (MA) and a 50% retracement level. He places it in the space between.”
Analysts say the daily stochastic oscillator is close to signaling overbought, indicating potential for temporary consolidation before a continued uptrend.
Stating that the daily cloud can now work as a support, Stockton also underlines the need to keep a tight stop loss due to the increased geopolitical risk.
As it is known, Bitcoin fell to the level of $ 34,000 with the emergence of war news. Then, with the demand from Russia and Ukraine, it gained 25% in value and rose to 45,000 dollars. Bitcoin is trading at $ 43,821 at the time of publication.
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