It is notable that we have a valid kumo break out signal following by the confirmation of the chikou span line which is below the cloud and below the price.
The price is below the cloud, the Tekan sen and kijun sen seem to be in a bear formation and the cloud is in a bearish mode as well.
Those clues giving us the confidence we need to confirm that the price may continue to move lower for the moment.
Now what we like to see to be able to find any potential high-quality signals is to wait for the price to bounce on the Kijun sen and then considering a trade.
BTCUSD Daily Chart
About the Author:
Marios Athinodorou is TeleTrade's market analyst and commentator. Apart from being an experienced trader, Marios is an advanced technical analyst and is interested in trading psychology. He has 7 years of trading expertise in Forex and CFDs, providing insights to share with all kinds of traders, from beginners to experts. Among others, Marios is delivering weekly trading webinars. Sign up for upcoming webinars, here.
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