The bull market is still raging, pullbacks are now buying opportunities for Bitcoin, Cardano, Ethereum, VeChain, and ChainLink
Bitcoin (BTC)
Above: Bitcoin (BTCUSD)
I plan to hit several cryptocurrencies with this article, identifying the near-term re-entry/dollar-cost-average level. These levels are based solely on the Ichimoku charts. For Bitcoin, the first support level is the Kijun-Sen at $57,000. Below is a confluence zone at $46,400 where a high volume node in the volume profile is at and Senkou Span B.
Cardano (ADA)
Above: Cardano (ADAUSD)
Cardano, unfortunately, has no further Ichimoku support on its daily chart. Similarly, the weekly chart is void of any Ichimoku support until the top of the Cloud (Senkou Span A) at $1.20, followed by the bottom of the Cloud (Senkou Span B) at $0.96. However, next week shows the support levels spike up by a considerable amount. Senkou Span A by next week will be at $1.50 and Senkou Span B at $1.28. The second highest high volume node for 2021 is near the $1.28 value area.
Ethereum (ETH)
Above: Ethereum (ETHUSD)
Ethereum, not surprisingly, has a very similar Ichimoku chart to Bitcoin’s. It’s almost troll-like that Ethereum failed to make a new all-time high by just $2.70. For Ethereum, the next Ichimoku support level is below at $3,800. And well below the Kijun-Sen is Senkou Span B at $3,344. So Senkou Span B might be an attractive area to buy at. Senkou Span B is very, very flat and has been in a flat condition for quite a while. This means that it is a robust level of support, and we’re not likely to see any sustained moves on the daily chart close below that level.
VeChain (VET)
Above: VeChain (VETUSD)
VeChain is one of the only cryptocurrencies I’ve looked at that is currently positioned for a bullish entry. There is massive support below, with the Kijun-Sen at $0.1233 and Senkou Span B at $0.1202. Additionally, Senkou Span B is flat and has been flat for a long time. If you want to see what kind of price action behavior Ethereum may experience if it moves down to its Senkou Span B level, then look at VeChains current chart. The Volume Point of Control (from the May highs) for VeChain is at $0.1132, so it is already a strong support level.
ChainLink (LINK)
Above: ChainLink (LINKUSD)
ChainLink is almost precisely like VeChain’s chart. ChainLinkn is sitting right on top of Senkou Span B at $28.89, just above the Kijun-Sen at $28.49. Below those two Ichimoku levels, the VPOC for ChainLink is at $26.88. ChainLink’s current price action puts it at the most substantial support level it will see on the daily chart. Any move below the Cloud could throw ChainLink into the sub $20 range.
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