A bearish scenario for Bitcoin on the weekly Ichimoku chart has not occurred since November 2018. An Ideal Ichimoku Breakout Negative Breakout has been verified, which indicates a protracted period of bearish market activity. This has occurred before, but things are a little different now.
If an Ideal Bearish Ichimoku Breakout occurs, but with one extra stipulation: the Chikou Span falls underneath the Ichimoku Cloud, among the most unusual but more strong signals inside the Ichimoku Kinko Hyo methodology indicating that a bear market will probably be prolonged.
A persistent sell-off and capitulation move is quite likely when this happens – the greatest likelihood in the Ichimoku method. We might expect a surrender move around $18,000 if the bulls cannot sustain Bitcoin price beyond $36,465.
Bulls, on the other hand, should not give up. Ichimoku’s Chikou Span responds to the same levels of support and resistance as the current close, which is a little-known fact. The Senkou Span B is the greatest degree of support/resistance, and the Chikou Span sits just on top of it.