When the stock market and other volatile markets fell, so did the price of Bitcoin. All of Wednesday’s profits have been wiped out by yesterday’s losses. It is possible that the bears are trying to drive BTC lower than it was in 2022.
A bearish scenario for Bitcoin on the weekly Ichimoku chart has not occurred since November 2018. An Ideal Ichimoku Breakout Negative Breakout has been verified, which indicates a protracted period of bearish market activity. This has occurred before, but things are a little different now.
If an Ideal Bearish Ichimoku Breakout occurs, but with one extra stipulation: the Chikou Span falls underneath the Ichimoku Cloud, among the most unusual but more strong signals inside the Ichimoku Kinko Hyo methodology indicating that a bear market will probably be prolonged.
A persistent sell-off and capitulation move is quite likely when this happens – the greatest likelihood in the Ichimoku method. We might expect a surrender move around $18,000 if the bulls cannot sustain Bitcoin price beyond $36,465.
Bulls, on the other hand, should not give up. Ichimoku’s Chikou Span responds to the same levels of support and resistance as the current close, which is a little-known fact. The Senkou Span B is the greatest degree of support/resistance, and the Chikou Span sits just on top of it.
