FX.co ★ Ichimoku cloud indicator analysis on Bitcoin for April 21, 2022.

Bitcoin price is bouncing off the cloud support. In previous posts we warned traders that price was vulnerable to push lower towards the cloud support around $39,000-$40,000.

Price is about to move above the cloud resistance. This would be a bullish sign. Price is above the tenkan-sen (red line indicator) at $40,760. This is short-term support. Resistance by the kijun-sen (yellow line indicator) is at $43,280. Bulls need to break above this level in order to have more chances of moving higher and confirming the major reversal.