Bitcoin is not out of the woods yet despite a recent rally above the $64,000 level. according to trader Josh Olszewicz.
Bitcoin is not out of the woods yet despite a recent rally above the $64,000 level. according to trader Josh Olszewicz.
This assumption is based on Olszewicz’s analysis of the popular Ichimoku Cloud indicator.
Since the cloud is still red, the indicator shows that the bearish trend continues to persist even though the flagship cryptocurrency recently posted impressive gains.
For now, Bitcoin is still below the cloud, which is currently acting as a key resistance level for the leading cryptocurrency.
Olszewicz has suggested combining the Ichimoku Cloud indicator with the inverse head and shoulders indicator to see if the current bullish momentum is really strong enough to reverse the persistent bearish trend and turn the cloud green.
As reported by U.TodayOlszewicz also recently discovered the Tenkan/Kijun cross, which helped predict the sell-off that occurred last week.
The flagship cryptocurrency was on the brink due to macro-financial concerns as well as outflows from Bitcoin ETFs.
All eyes on the weekly close
According to Bitcoin enthusiast DR Lewis, a bullish candlestick pattern is forming on Bitcoin’s daily weekly chart. The trader expects the second half of the year to be “explosive” for the leading cryptocurrency.
As reported by Guru-Investingthe price of Bitcoin recently experienced a major price drop, falling all the way to the $56,000 level. However, it has risen substantially in the past few days and finally regained the $64,000 level.
So far, it has been a challenge for Bitcoin to break through the $64,000 resistance level.
