Sharing my perspective on the current cryptocurrency market. Bitcoin analysis.
Bitcoin (4 hour timeframe). Bitcoin dropped to the $117,400 level, where it was supported by buyers. The price broke through the upper boundary of the Ichimoku Cloud, which traditionally signals the formation of a mid term uptrend. The RSI line, during this move, surpassed the 50 mark and the 100 period Exponential Moving Average (EMA), confirming increased buying pressure.A key milestone for the upward movement is the $120,000 trading level. Its worth noting that the price will test this sellers block for the fourth time since mid July, increasing the likelihood of a breakout in this zone. A sustained trading range above this block will create a foundation for further price expansion of the asset. The next target is the resistance around the historical high of $123,300.