Is the Bitcoin bull run coming to an end? An indicator suggests a significant price correction could be looming.
Renowned cryptocurrency trader Josh Olszewicz has identified the Tenkan/Kijun crossover on Bitcoin’s daily chart. This bearish signal may signify the onset of a downward trend.
The Tenkan Sen, calculated by averaging the highest high and lowest low over the past nine periods, often acts as short-term support during uptrends or resistance during downtrends. Conversely, the Kijun Sen, derived from the highest high and lowest low over the past 27 periods, serves as medium-term support.
The interplay between these two lines can offer valuable insights into market conditions. When the Tenkan Sen crosses below the Kijun Sen, it typically indicates bearish pressure.
However, the current crossover occurred beneath the Ichimoku cloud, suggesting that the bullish trend might not be abruptly halted.
As of now, Bitcoin is trading at $63,645, according to data from CoinGecko.
As reported by U.Today, the largest cryptocurrency is currently underperforming against Ethereum, which has managed to surge roughly 6% over the past 24 hours alone.
