The bitcoin Party May Soon End
For the umpteenth time in a few weeks, () bulls have managed to wrestle bears out of the ring. The asset has moved back up to $8,150, and looks poised to head higher.
But as Josh Olszewicz of Brave New Coin recently pointed out, an indicator may be signaling that is poised for a pullback. In a recent tweet, Olszewicz pointed out that the Kijun band of the Ichimoku Cloud, a series of technical indicators coagulated to determine trends, key levels, and reversal levels, is now 30% away from price levels. The last time such a delta was seen, spiked. The thing is, that’s when the price was 30% under the Kijun band.
So if history is of any indication and if the analysis of the Cloud works for overbought and oversold assets, could soon shoot lower, falling closer to the Kijun band. But, there might be some hope, as saw trade over 30% above its Kijun band for weeks on end, giving the chance to run further from here before a potential drawdown.
Published at Sat, 25 May 2019 07:37:50 +0000
