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20.10.2019 10:21 PM
Weekly Bitcoin analysis

On a weekly basis the Ichimoku cloud indicator has given a weak bearish signal by a cross of the tenkan-sen below the Kijun-sen. I expect this bearish signal to provide a pull back test towards weekly cloud support before the bullish trend resumes.

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Price is below the weekly Kijun- and tenkan-sen. Bulls need to recapture this resistance level ($9,500) in order for the trend to continue higher. Until then, price is in a bearish short-term trend looking for a back test of the Kumo. The Chikou span ( green line indicator) is approaching the lower cloud boundary support at 7270. Breaking below this level would be bad for bulls.
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