Bitcoin is trading just above $40,700. On Friday price closed below the kijun-sen (yellow line indicator). This provided another sign of weakness. As expected after the breakdown, price fell towards the cloud support around $40,000.
Daily trend by the Ichimoku cloud indicator remains bullish as price is still above the Kumo (cloud). However with price below the tenkan-sen (red line indicator) and the kijun-sen , trend is vulnerable to more downside. The tenkan-sen is also about to cross below the kijun-sen. This will be a sign of weakness. Resistance by the kijun-sen is at $44,080 where we also find the tenkan-sen. Bulls need to reclaim this price level in order to take full control of the trend.
