Ichimoku Indicator Poised For Bitcoin Breakout

This analysis uses 'crypto settings' for Ichimoku which basically double the settings to 20, 60, 120, 30. This produces a less volatile indicator and lowers risk of false breakouts.

• As we can see, the cloud is very thick, suggesting that price would have a hard time declining through that cloud. That is, the cloud is providing strong support.
  
• We can also see the moving average line on both sides of the cloud have flat lined. So to have the tinken-san and kijun-san lines (red and blue) that have near enough converged.
  

We are now looking for a turn upwards in any of those lines to suggest an upwards move in price.

• MACD histogram is about to cross back above the zero level suggesting that upwards momentum is building.
  
• The past 3 days of price action is positive, with yesterday's candle showing a rejection of entering the cloud.
  

What to look for: What may happen is a negative cross-over of the tinken-san line (blue) dropping below the kijun-san line (red) briefly, perhaps for a day or two, and then re-emerging above. This would be a strong indicator for price continuation upwards.

Note: If price drops into the 1-day cloud then our previous longer-time frame analysis of a 15-25% drop comes into play.

May you live in interesting times.