Josh Olszewicz, a well-known cryptocurrency trader, has identified the Tenkan/Kijun crossing on the daily chart of Bitcoin. A bearish trend may have begun as indicated by the bearish indication.
The greatest price high and lowest price low during the previous nine periods must be split in half to determine the Tenkan Sen. During an uptrend, this line may usually act as a temporary support level, which means that there may be some buying activity there for the price. In the event that an asset is in a decline, it might also act as a temporary resistance level.
The most high and lowest values from the previous 27 periods are added, and the total is divided in half to determine the Kijun Sen (the baseline). This baseline might provide as a degree of medium-term support.
The correlation between the two previously stated lines may offer crucial indicators to traders on the present condition of the market. Given that it suggests that the market is giving in to negative pressure, the Tenkan Sen crossing below the Kijun Sen is typically interpreted as a bearish indication.
Since the crossing occurred below the Ichimoku cloud, this signal may not be the final straw for the bullish trend.
Bitcoin is now trading at $63,645 as of this writing, based on information from CoinGecko. The biggest cryptocurrency is presently underperforming in comparison to Ethereum, which has increased by over 6% in only the last day, according to U.Today.
