According to U.Today, well-known cryptocurrency trader Josh Olszewicz discovered a Tenkan/Kijun crossover signal on Bitcoin’s daily chart, which could signal the beginning of a bear market trend.
To calculate the Tenkan Sen, one needs to add the highest and lowest prices over the past nine periods and divide the sum by two. This line can often serve as a short-term support line during an uptrend, meaning that the price may find some buying interest here. At the same time, it can also serve as a short-term resistance line if an asset is in a downtrend. The Kijun Sen (baseline) is calculated by adding the highest and lowest prices over the past 27 periods and dividing the sum by two. This baseline can serve as a medium-term support line. The relationship between these two lines can provide traders with key signals about the current state of the market. The Tenkan Sen line crossing below the Kijun Sen line is often seen as a bearish indicator as it shows that the market is succumbing to bearish pressure. However, since the crossover occurs below the Ichimoku cloud, this signal may not be a fatal blow to the bull trend. According to
According to data provided by CoinGecko, as of press time, Bitcoin is trading at $63,645. U.Today reported that Bitcoin, the largest cryptocurrency, is currently underperforming Ethereum, which has risen by about 6% in the past 24 hours.
