Bitcoin hasn’t done this since October 8th, 2017.
Before I get into the weird thing Bitcoin hasn’t done since October of 2017, we should take a look at some cryptos that are showing imminent bull moves. There is a broad range of top market cap cryptocurrencies showing mixed bull/bear signals.
Ethereum’s daily Ichimoku chart is an interesting one. And it’s interesting because there are a number ‘firsts’ that have occurred on this chart. Ethereum has actually moved above the bottom of the cloud and into the cloud for the first time since Apri 20thl of 2018 – that’s 259 days since Ethereum has made a hint of a directional trend change. We also can observe the Lagging Span move above the candlesticks and cross above both the Tenken-Sen and Kijun-Sen. The last time the Lagging Span moved above all three of those markers was on April 16th of 2018. If the Tenken-Sen can remain above the Kijun-Sen long enough, then we’ll observe the future cloud turn green, resulting a Kumo Twist with Senkou Span A crossing above Senkou Span B. The only real hold up for a strong buy entry on the daily chart here is for both price and the Lagging Span to be above the cloud. In order for both of those conditions to be met, the Lagging Span would need to move up towards the 222.15 value area. A more realistic zone would involve waiting 11 more trading days where the Lagging Span could easily move right into the 171.02 value area, but a lot can happen in 11 days. Overall, this is the most bullish this chart has looked in almost a year.
Full disclosure, I’m a big Cardano bull and it represents a significant amount of my crypto portfolio. So I add to it regardless of the chart as an investment. But from a trading perspective, this is looking really, really tasty. First, we’ve got a ‘Kumo-Twist’ with the cloud ahead being green. Then we’ve got the Tenken-Sen above the Kijun-Sen and price above both of those lines. And we also have price above the cloud. The only hang-up here is the Lagging Span, which is right up against the bottom of the cloud – but that cloud is thin so it could launch above it. The last time the Lagging Span crossed above the daily cloud on Cardano’s chart to fulfill a bullish entry signal was… never. It’s never happened. This could be a massive rally very soon.
While Cardano’s and Ethereum’s charts look more bullish for the immediate future – the big guy on the block has some room and time yet. In fact, it would behoove traders and investors to do a little looking around at what cryptocurrencies are outperforming Bitcoin’s chart with the Ichimoku system and which are just following Bitcoin’s move – because those currently leading the charge will be the first to have a pullback from a big spike – while the remainder following Bitcoin and lagging will still have a wave to ride. There are not many conditions on Bitcoin’s daily chart that shout ‘buy’ yet, just a few. The first being the Tenken-Sen above the Kijun-Sen and price holding above both those lines. The Lagging Span is just a hair above the Tenken-Sen and is a bit away from being close to trying to cross above the Kijun-Sen, but the more immediate resistance here that makes me leery is the proximity of price to the cloud – which is a very, very thick cloud. But this is interesting: do you know when the last time both Bitcoin and the Lagging Span moved above the cloud to initiate a buy condition on the daily chart? October 8th of 2017. Now that is a long time to wait for another true breakout condition on the daily chart.