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Bitcoin (BTC) Tops $64K. Here’s Why Traders Should Still Be Worried

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Sun, 5/05/2024 - 18:50
Bitcoin (BTC) Tops $64K. Here’s Why Traders Should Still Be Worried
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Bitcoin is not out of the woods just yet despite a recent rally above the $64,000 level, according to trader Josh Olszewicz.

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This assumption 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 recently recorded impressive gains. 

For now, Bitcoin is still below the cloud, which is currently acting as a key resistance level for the leading cryptocurrency. 

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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 U.Today, 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 U.Today, 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. 

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