Bitcoin, bullish signal lights up as it breaks above the Ichimoku Cloud - major altcoins unable to follow suit | CoinDesk JAPAN

• Bitcoin has seen an increase of over 2% in the past 24 hours, breaking through $93,000. A bullish momentum shift has been confirmed as it broke above the Ichimoku Cloud.
• On the other hand, major altcoins have not yet achieved a similar breakout.

Bitcoin broke above the Ichimoku Cloud, confirming a bullish momentum shift. Meanwhile, other major altcoins are lagging behind.

When the price breaks above the Ichimoku Cloud, it indicates a bullish reversal, while breaking below indicates a bearish reversal. As can be seen from the chart below, the current Bitcoin price is moving above the cloud.

[Bitcoin Daily Chart (TradingView/CoinDesk)] This bullish breakout could mean that the Ichimoku Cloud, which has been functioning as resistance during the rebound phases of February and March, may now play a role in preventing price pullbacks as support. Bitcoin has also returned to a state where it is trading above the widely watched 50-day, 100-day, and 200-day Simple Moving Averages (SMA).

The focus moving forward is on the significant psychological resistance level of $100,000, followed by the level of $109,000, which is the all-time high. On the other hand, support is at $88,550, where the 200-day simple moving average and the Ichimoku Cloud overlap. If this level is breached, the bullish outlook will be negated.

altcoins lag behind

Major altcoins such as XRP, DOGE, ADA, ETH, and SOL have yet to achieve a bullish breakout above the Ichimoku Cloud like Bitcoin.

The above altcoin has been steadily moving along with the rise of Bitcoin; however, it has not yet reached its respective bullish breakout.

| Translation & Editing: Rina Hayashi ｜画像：wal_172619/Pixabay
｜Original: Bitcoin Breaches ‘Ichimoku Cloud’ to Flash Bullish Signal While Alts Lag: Technical Analysis

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