Fairlead Strategies data shows that Bitcoin has broken through the 200-day moving average. The initial resistance level is at the 50-day moving average (about $28,800), and the secondary resistance level is at the weekly cloud line, close to $31,900. Note: The weekly cloud line is related to Ichimoku Kinko Hyo. Ichimoku Kinko Hyo includes five main lines and a "cloud", which is the part called "Kumo". It consists of an area of two moving average lines, whose moving averages are based on the high and low points over a period of time. The upper and lower parts of the cloud can be used as support and resistance areas.
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