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Bitcoin (BTC) surpasses $64,000. Here’s why traders should still be worried
Alex Dovbnja
Bitcoin is not out of the woods yet despite its huge gains
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Bitcoin is not out of the woods yet, despite a recent rally above the $64,000 level, second to trader Josh Olszewicz.
This hypothesis 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 has recently posted impressive gains.
For now, Bitcoin is still below the cloud, which currently serves as a key resistance level for the leading cryptocurrency.
Olszewicz suggested combining the Ichimoku cloud indicator with the inverse head and shoulders indicator to see if the current bullish momentum is actually strong enough to reverse the persistent bearish trend and turn the cloud green.
AS reported by U.TodayOlszewicz also recently spotted the Tenkan/Kijun crossover, which helped predict the massive sell-off that occurred last week.
The flagship cryptocurrency was on the brink due to macrofinancial concerns and outflows from Bitcoin ETFs.
All eyes on the weekly closing
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.
Like reported by U.Today, the price of Bitcoin recently suffered a significant decline, plummeting to the $56,000 level. However, it has rallied significantly in recent days, eventually reclaiming the $64,000 level.
So far, it has been difficult for Bitcoin to break above the $64,000 resistance level.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.