As noted by popular cryptocurrency trader Josh Olszewicz, Bitcoin is back above the daily Ichimoku cloud, which could be interpreted as a positive signal for the bulls. 

However, the cloud itself remains in the bearish territory while the Tenkan-Kijun also could point to further downside. 

Moreover, Olszewicz explained that the previous Kumo breakouts that took place this year did not go anywhere. The term "Kumo," of course, refers to the cloud that is located between Span A and B. 

"Although this is certainly a more bullish picture than a few days ago, Cloud does not yet give its assurance of bullish continuation yet, that would take a bullish Cloud and Bullish TK cross," the trader said in a recent post. 

A bullish breakout on the two-day cloud and a bullish TK cross would be enough for bullish continuation, according to Olszewicz. 

At press time, Bitcoin is trading at $61,986 after gaining 2.9% over the last 24 hours.