Key Indicator Says Bitcoin’s Momentum Is Weakening: Where Will BTC Head?

Key Indicator Says Bitcoin’s Momentum Is Weakening: Where Will BTC Head?


Bitcoin has been stuck in the $9,000s for the past two months, trading between $8,500 and $10,000 for weeks on end.

While the cryptocurrency has maintained the $8,500 support level on multiple occasions, a key indicator shows that the bullish momentum is weakening.

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According to Brave New Coin analyst Josh Olszewicz, the Ichimoku Cloud indicator shows that Bitcoin has “weakening bullish momentum” due to the consolidation:

“Cloud still shows weakening bullish momentum. If you are bearish, you want an e2e to 7.1. If you are bullish, you want a TK cross recross above Cloud  with a $13k target.”

Olszewicz added that he thinks BTC is currently in an “awkward spot” that is disallowing him from taking “either position with conviction.”

One-day BTC price chart with Ichimoku Cloud. Chart from TradingView.com; chart made by Josh Olszewicz (@CarpeNoctum

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