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BTCJPY Confirms First Ichimoku-Based Bearish Signal


Sep.12.2017

BTCJPY confirms Ichimoku bearish signal: With continued negative coverage on Bitcoin, the top crypto-currency has been weakening against major counterparts.

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JPMorgan CEO, Jamie Dimon hit the wires on Tuesday with comments that were not Bitcoin-friendly. Dimon said that he ‘would fire any trader trading Bitcoin for being stupid,’ and that the move into Bitcoin ‘won’t end well.’  On the other hand, Nasdaq survey sees 'Long Bitcoin' as the world's most crowded trade, which means the majority of traders disagree with JPMorgan. Only time would tell.

Technical Points: BTCJPY confirms Ichimoku bearish signal

From a technical standpoint, BTC/JPY chart shows that the Kijun line has officially crossed below the Tenkan line of the  Ichimoku Kinko Hyo moving averages. This marks the first Ichimoku-based bearish signal, indicating we could see further drops towards the 38% and 50% Fibonacci retracement levels at 420,000 and 390,000 respectively. 

BTCJPY confirms Ichimoku bearish signal BTCJPY confirms Ichimoku bearish signal

This drop is despite the JPY weakness across the board, indicating that Bitcoin is losing to JPY at this point in terms of strength. For example, USD/JPY opened Wednesday’s Asian session on a strong bullish sentiment, approaching the resistance level of 110.60.

 

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Combining all points of the IDDA, here are Invest Diva's calculations for important approximate levels to keep an eye on:

 

Support Levels Turning Point Resistance Levels
350,000 420,000  500,000
386,000 480,000 550,000

 

Related:

Could Bitcoin Reach Key Support Levels on Asian Volatility?

- ETH/JPY Tests 50% Fibonacci

- Litecoin Hits All Time High Versus USD.

 

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