BTCUSD remains in a sideways mode for the past few sessions, showing mild reaction on geopolitical developments and recent key economic data (US inflation) with focus shifting towards major central banks.
Near-term action remains underpinned by daily Tenkan-sen (63620) which tracks the price since July 2 and has created bull-cross with Kijun-sen on July 10.
On the other hand, falling and thickening daily Ichimoku cloud (base at 64780) caps for now and weighs on near-term action, along with fading positive momentum.
Look for initial direction signal on violation of daily Tenkan-sen (negative) or cloud base (positive).
However, either signal will require verification, with extension below daily Kijun-sen (61603) to confirm that bears regained control and open way for retest of 60K support, while sustained penetration of daily cloud would expose target at 67280 (Fibo 38.2% of 82821/57673 downtrend).
Res: 64780; 65827; 67280; 70000
Sup: 63620; 62450; 61603; 60000
SOURCE LINK : Bitcoin – Extended Sideways Mode Between Falling Daily Cloud and Tenkan-Sen
