Textbook overbought condition on Ichimoku

26 ביולי 2016

BTC has retraced and settled at 50% fib in a short term overbought condition within the larger bearish downtrend. This is defined as: Price is below the cloud, cloud is red, When price drop from 50% fib it will re-cross the base line which is the end of the bounce and triggers the bearish signal. Expect price to bounce between the CM_pivot at 4387 and support at 4370 putting bearish pressure on breaking minor support and price returning back down to 4300. Watch for whether support at 4300 holds or not.