Alex Dovnya
Despite Bitcoin’s huge profits, it’s still not out of the woods
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Even though Bitcoin has recently risen above the $64,000 level, it is not out of the woods yet. according to to trader Josh Olsiewicz.
This assumption is based on Olszewicz's analysis of the popular Ichimoku cloud indicator.
Since the cloud is still red, this indicator shows that the bearish trend continues despite the flagship cryptocurrency posting impressive gains recently.
For now, Bitcoin is still under the cloud and is currently acting as a major resistance level for major cryptocurrencies.
Mr. Olševich combines the Ichimoku Cloud indicator with the inverse Head and Shoulders indicator to see if the current bullish momentum is indeed strong enough to reverse the sustained bearish trend and turn the cloud green. I suggested something.
as U.Today reportedOlszewicz has also been keeping an eye on the crossover between Tenkan and Kijun recently, which helped predict the massive decline that occurred last week.
The flagship cryptocurrency was on the brink due to macro-financial concerns and the outflow of Bitcoin ETFs.
Weekly closing prices attract attention
According to Bitcoin enthusiast DR Lewis, a bullish candlestick pattern is forming on Bitcoin's daily and weekly charts. The trader expects the second half of this year to be “explosive” for major cryptocurrencies.
As reported by U.Today, the price of Bitcoin recently experienced a significant price drop, plummeting to the $56,000 level. However, it rebounded significantly over the past few days, eventually returning to the $64,000 level.
So far, it has been difficult for Bitcoin to break through the $64,000 resistance level.
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Alex Dovnya
