Bitcoin Breaches 'Ichimoku Cloud' to Flash Bullish Signal While Altcoins Lag: Technical Analysis
Major altcoins have yet to achieve similar breakouts.
The bullish breakout means the cloud can now act as support, arresting potential price pullbacks just as it acted as resistance, capping recovery rallies in February and March. BTC is also back to trading above the widely tracked 50-, 100-, and 200-day simple moving averages (SMAs).
This move now puts the focus on the resistance at $100K, a major psychological level, followed by record highs above $109K. Meanwhile, support is seen at $88,550, which marks the convergence of the 200-day SMA and the Ichimoku cloud.
A move below the same would negate the bullish outlook.
