BTC is Testing the Upper Brand of the Ichimoku Indicator
As of the recent market, Bitcoin is the only major cryptocurrency with the largest gain in months as other top ten coins have fallen. Out of the top 100 altcoins, Holo’s HOT coin landed in the 81st position in regards to the market cap which saw a climb of 50 percent.
While Bitcoin and HOT have seen positive gains, others have taken a hit in value and dropped. The largest drop among the top 100 altcoins was the BCD, Bitcoin Diamond’s token, and dropped 50 percent to land in 42nd based on market cap.
Bitcoin on the other hand, as the world's most distinguished and leading cryptocurrency, is testing Ichimoku cloud’s upper band towards the end of trading on the 23rd of July. In light of a previous H&S reversal pattern, Bitcoin climbing over the cloud points to a more than expected robust bull rally for BTC, providing a possible path of climbing up for $9900 in value.
In terms of the Ichimoku analysis, it seems and that both the Tenkan and Kijun lines are climbing positively as the Chiko line remains under the cloud. As of now, investing and buying Bitcoin based on a long-term investment may possibly be fruitless due to a possibility of the Fibonacci 23 and 38 under-cap.
Observing the market, undergoing BTC fundamentals, as well as technical, may possibly result in a massive drop towards the $5K mark before the actual bull rally initiates and drags the world’s leading coin to even newer highs.