According to a new study, well-known cryptocurrency trader Josh Olszewicz, also known on X as @CarpeNoctom, predicts that Bitcoin (BTC) may fall to about $36,000. Based on the daily Kijun line, he makes a bearish argument.
Moreover, he suggests that it might be wise to place a stop loss on long bets at $42,800.
Understanding the Kijun line
As a fundamental part of the Ichimoku Cloud trading technique, the Kijun line is one of the main indicators that traders use to predict future price movement.
It provides a median price for the past 26 periods and is sometimes referred to as the baseline or standard line.
If the pattern stays true, a plunge below the Kijun line might be seen as a bearish indication indicating that prices may drop further.
The green cloud on the chart you gave denotes a bullish phase with possible support levels in the event that the price of Bitcoin drops. The price action’s position above the cloud indicates an overall rising trend.
A price breach below the cloud may be interpreted as a negative indication, and if the price were to enter the cloud, it might indicate ambiguity or a potential shift in direction.
https://x.com/CarpeNoctom/status/1733893814530555914?s=20
The crypto market remains in limbo
According to CoinGecko, Bitcoin has been solidifying its position in the cryptocurrency market over the last 24 hours, with slight swings suggesting a period of stability following recent advances.
Ethereum has followed suit, keeping its percentage change constant.
There have also been minor advances in Binance Coin and the Ripple-affiliated XRP, indicating a cautious continuation of their rising trajectories.
