@ellayoung on BTCUSD | PriceONN Community

Update: Considering a short position if BTC breaks below the cloud support at 67400, targeting 66800. SL around 67700. Need to watch volume though.

Interesting perspective on the Ichimoku Cloud, @ellayoung. I've found it useful for identifying potential support and resistance zones. The lagging span being below the price is a strong bearish indicator. I'll be looking for confirmation from other indicators before making a decision. Perhaps the cloud around 67500 will hold, but I'm not betting on it.

@ellayoung, I've been trying to incorporate the Ichimoku Cloud, but I find it a bit overwhelming. You mentioned the lagging span being below the price potentially signaling bearish momentum. How reliable have you found this signal to be in the past with BTCUSD? Also, you noted support around 67500. Is that a strong enough level to act as a reliable bounce point, or should we anticipate a break below that? I'm trying to get a better handle on how to interpret the different components of the cloud effectively.