- Bitcoin’s recent rally above the $64,000 level does not necessarily signal the end of the bearish trend, according to trader Josh Olszewicz.
- Olszewicz’s analysis of the Ichimoku Cloud indicator suggests that the bearish trend continues to persist.
- Despite the recent gains, Bitcoin is still below the cloud, which is currently acting as a key resistance level.
Despite Bitcoin’s recent rally above the $64,000 level, analysis of the Ichimoku Cloud indicator suggests the bearish trend may still persist. Bitcoin is currently below the cloud, a key resistance level.
Bitcoin’s Bearish Trend Continues Despite Recent Rally
Bitcoin’s recent rally above the $64,000 level does not necessarily signal the end of the bearish trend, according to trader Josh Olszewicz. His analysis of the popular Ichimoku Cloud indicator suggests that the bearish trend continues to persist, despite the flagship cryptocurrency recently recording impressive gains. For now, Bitcoin is still below the cloud, which is currently acting as a key resistance level.
Combining Ichimoku Cloud with Other Indicators
Olszewicz has suggested combining the Ichimoku Cloud indicator with the inverse head and shoulders indicator to see whether or not the current bullish momentum is actually strong enough to reverse the persistent bearish trend and turn the cloud green. As reported by CoinOtag, Olszewicz also recently spotted the Tenkan/ Kijun crossover, which helped to predict the massive sell-off that occurred last week. The flagship cryptocurrency was on the brink due to macro-financial concerns as well as Bitcoin ETF outflows.
All Eyes on the Weekly Close
According to Bitcoin enthusiast D.R. Lewis, there is a bullish candlestick pattern 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 CoinOtag, the price of Bitcoin recently experienced a significant price downturn, plunging all the way back to the $56,000 level. However, it has rallied substantially over the last several days, eventually reclaiming the $64,000 level. So far, it has been challenging for Bitcoin to crack the $64,000 resistance level.
Conclusion
Despite Bitcoin’s recent rally above the $64,000 level, the bearish trend may still persist according to analysis of the Ichimoku Cloud indicator. However, with a bullish candlestick pattern forming on Bitcoin’s daily weekly chart, the second half of the year could be “explosive” for the leading cryptocurrency. Investors should keep a close eye on the weekly close and the $64,000 resistance level.
