As a seasoned analyst with years of experience navigating the volatile world of cryptocurrencies, I find Josh Olszewicz’s analysis thought-provoking. While Bitcoin breaking above the daily Ichimoku cloud is indeed a bullish sign, the overall cloud remaining bearish and the Tenkan-Kijun suggesting downside are points worth considering.
According to well-known Bitcoin trader Josh Olszewicz, Bitcoin has surpassed its daily Ichimoku cloud, an event that might suggest a favorable outlook for buyers (bulls).
Meanwhile, the cloud continues to indicate a bearish trend, and the intersection of the Tenkan and Kijun lines may hint at potential price drops.
Furthermore, Olszewicz clarified that the recent Kumo breakouts in this year have not resulted in any significant movements. To put it simply, the term “Kumo” here signifies the space situated between Span A and Span B.
Despite appearing more optimistic than just a few days past, the cloud pattern hasn’t provided a definitive confirmation for continued bullishness as of yet. A reliable indication of further bullish momentum would require both a bullish cloud formation and a bullish TK cross, according to the trader’s recent post.
According to Olszewicz’s interpretation, a strong upward push beyond the two-day chart pattern (cloud) and a bullish Technical Indicator (TK) intersection could signal a continued bullish trend.
At press time, Bitcoin is trading at $61,986 after gaining 2.9% over the last 24 hours.
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2024-09-19 09:09