In our latest Ichimoku cloud indicator analysis we warned that price was approaching important cloud resistance. Price got rejected at the resistance of $1,775 and is now at $1,752. Trend remains bearish as price is still below the 4hour Kumo (cloud).
Resistance by the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) is at $1,764-68. Price remains vulnerable to new lows as long as price is trading below the 4hour Kumo (cloud). Bulls will need to show signs of strength in order for us to get a reversal signal. So far price continues making lower lows and lower highs and 4 hour candlestick pattern is below the cloud resistance.
