Prominent trader Josh Olszewicz predicts another possible bear market reversal for Bitcoin

According to U.Today, well-known trader Josh Olszewicz said that Bitcoin may be about to usher in another bear market reversal. His indicator consists of five different lines, two of which form the cloud (which can be red or green). The blue line is called the 'Conversion Line' or 'Tenkan' line and represents the average of the past nine periods. The red line is called the 'baseline' or 'Kijun' line and shows the midpoint price of the previous 26 periods. If the price of Bitcoin falls below the Kijun line, it means it has a bearish bias. Olszewicz noted that Bitcoin experienced its first Kijun touch since the breakout in early June. While the top cryptocurrency's price recovery may still be possible, traders believe that the preceding 'triple top' structure actually signals a bear market reversal. It is worth mentioning that the thickness of the cloud is directly related to the strength of the momentum. For example, in mid-December, the red clouds became thinner and thinner, which heralded the beginning of another downward trend. Bitcoin is up 73.74% year to date.