Technical Analysis May 30: Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ripple

Using Ichimoku Clouds, we see the 4 hour Bitcoin chart is under the cloud and is headed to test the Tenkan-Sen. Depending on how it reacts to the level it will be more clear how to trade Bitcoin.

Adding Ichimoku Clouds to the picture, we see that Ethereum broke out the cloud.

Using Ichimoku Clouds, we see that Litecoin is also below the cloud and is forming a bearish cloud.

Bitcoin Cash is also below the cloud and is moving towards the Tenkan-Sen. Look for a retest of the Tenkan-Sen and bottom of the cloud.

Ripple is below the cloud after recently moving out, with a flat bottom cloud above it.

The lagging span will be making an appearance in a week or so which will confirm the downward trend if it is below the cloud.

Senkou Span A is always drawn in relation to Senkou Span B - together, they form the cloud.

Senkou Span B - forms the cloud along with Senkou Span A. Traditionally when Senkou Span B is located below Senkou Span A, it is a symbol of bullish price movement.

Most traders do not make a move until price closes above or below the cloud - although, when the Senkou Spans cross one another, many traders use the indicator to predict the reversal of a current price trend.

Kumo Twist - The Ichimoku Cloud is a Japanese trading strategy, and 'Kumo' means cloud in Japanese.