Trader Josh Olszewicz claims that even though bitcoin just rallied above $64,000, it is still not out of the woods.
Based on Olszewicz’s examination of the well-known Ichimoku Cloud indication, this assumption has been made.
The indication indicates that, despite the flagship cryptocurrency’s recent strong advances, the negative trend is still there because the cloud is still red.
As of right now, Bitcoin remains below the cloud, which is serving as a crucial barrier level for the most popular cryptocurrency.
To determine if the present bullish momentum is indeed strong enough to buck the ongoing bearish trend and turn the cloud green, Olszewicz suggests combining the Ichimoku Cloud indicator with the inverse head and shoulders signal.
https://x.com/CarpeNoctom/status/1787148713594667343
Olszewicz recently saw the Tenkan/Kijun crossing, as reported by U.Today, which contributed to the prediction of the significant sell-off that took place last week.
The flagship cryptocurrency was in danger as a result of withdrawals from Bitcoin ETFs and worries about the macroeconomic environment.
All eyes on the weekly close
D.R. Lewis, a Bitcoin fan, claims that the daily weekly chart of Bitcoin is building a bullish candlestick pattern. The trader believes that the top cryptocurrency will see “explosive” growth in the second half of the year.
According to U.Today, there was a recent sharp decline in the price of Bitcoin, which sent it all the way back down to $56,000. But during the past several days, it has made a significant comeback, finally regaining the $64,000 mark.
It has been difficult for Bitcoin to break over the $64,000 barrier level thus far.
