Bitcoin faces ‘cloud resistance’ at $85K, creating unfavorable risk-reward scenario for bullish traders

Odaily News Omkar Godbole, co-executive editor of CoinDesk, wrote an analysis that Bitcoin faces "cloud resistance" at $85,000, creating an unfavorable risk-reward scenario for bullish traders. Since Saturday, BTC has been challenging the lower limit of the Ichimoku, which is around $85,000. It is reported that the Ichimoku is a technical analysis indicator developed by a Japanese journalist in the 1960s that can provide a comprehensive insight into market momentum, support and resistance levels.
Bitcoin’s near-term outlook may look constructive due to increased demand for bullish bets in the options market, but the cryptocurrency’s proximity to a key resistance level that has limited upside in recent months means the risk-reward profile is less favorable for those looking to capitalize on the bullish outlook. (CoinDesk)