CandleFocus Bitcoin Reclaims $63,000 After US Fed Rate Cut, But Is This Rally For Real?
2024-09-20
Author: Content Editor
Bitcoin has experienced a recent surge in price, surpassing the $60,000 mark following the US Federal Reserve announcement of rate cuts. This has led to discussions among traders and analysts about the sustainability of this bullish trend. One expert, Josh Olszewicz, points out that while the current picture appears optimistic, there are still concerns to consider. While Bitcoin has moved above the daily Ichimoku Cloud, a technical analysis indicator, the Cloud and the Tenkan-Sen and Kijun-Sen (TK) cross are still in a bearish formation. Olszewicz suggests that a more definitive bullish signal would require the Cloud to flip into a bullish mode and a bullish TK cross. He also notes that previous Kumo breakouts this year have not led to significant price gains, adding uncertainty to the current breakout. Olszewicz recommends analyzing Bitcoin on a longer timeframe, such as the two-day Ichimoku Cloud, for a clearer perspective on a sustained bullish trend.
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