BTC/USD (Bitcoin versus the US dollar) has made north of US$100,000 following a brief consolidation just beneath the number in the shape of a pennant pattern. Year to date, the major Crypto pair has risen by nearly 150%.

Following Donald Trump’s US election victory, BTC has strongly outperformed and, over the last 24 hours, received another boost on the back of Trump’s nomination of Paul Atkins for the role of chairing the US Securities and Exchange Commission (SEC). Atkins is an avid Crypto supporter.

Ichimoku Indicator: Bullish Signals

With price action trading beneath the Ichimoku’s Lagging Span (dark green at US$102,350), a widely recognised bullish signal, and the area between the Ichimoku’s Conversion (blue at US$97,389) and Base (red at US$85,405) Lines providing a clear support zone since late September, BTC/USD will likely remain a buyers’ market for the time being.

Also worth noting is the Ichimoku Cloud, which could offer support should the Ichimoku Conversion/Base Line support zone fail to hold. The Ichimoku Cloud is formed between the Leading Span A (light green at US$91,397) and the Leading Span B (light orange at US$81,448).

Price Direction?

Having seen BTC/USD climb above US$100,000, this level, coupled with the Ichimoku Conversion Line, could offer traders support if retested. However, it is likely that traders will position protective stop-loss orders beneath the Ichimoku Base Line to allow any retest some ‘breathing room’.

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