Bitcoin Cryptocurrency Ichimoku analysis - might be a rebound after serious slump , records loss

A cryptocurrency (or crypto currency) is a controversial digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. ---- Wikipedia

This is my first blog about cryto currency, thus I added a explanation from Wikipedia.

Next we are going to talk about bitcoin
Explanation is here at Wikipedia https://en.wikipedia.org/wiki/Bitcoin

As we are going to talk about Ichimoku , a technical charting style, on bitcoin

Denominator

Btc can be divided by anything. By anything, its means things like currency or other coins. It can be under gold etc, but that's not under our discussion here.

Thus if you search btc, you likely to see btc/usd, btc/eth , etc 

btc/ use means btc vs the price of usd$

btc/eth means btc vs the price of eth ( ethereum)

This 2 are the most common.

BTC/USD

Today my chart is on btc/usd. why? its more simple as most people buy bitcoin using fiat currency usd. You can find the explanation on fiat currency on quora by clicking fiat currency.

The Ichimoku chart

Ichimoku meaning one look equilibrium, does have its meaning. As we can see here, the line are all cut down and below the cloud. trend is down and direction is down . Thus by one look , we see that it is downtrend .

The pink line (Tenkan San) , is far away from blue line (Kinjun Sen). It suggests that it is oversold and there might be a rebound. "Might be"? Charting is about probability and 99.9% sure is still a might be for me.

Here again, Ichimoku state that price will find its equilibrium, thus when pink line and blue line is too far apart, they will tends to seek out for each other. In another words, pink and blue line tends to be close or meet or cross in the end, such that price can be in equilibrium.

Thus in our case here, pink is far away from blue, that is pink ( short term) is over sold, or run too far away from blue (mid term),  chances are pink will bound back to look for blue. 

Therefore , I mention above that there might be a rebound.