Bitcoin price rebounded after touching the 4-month low of $53,600, but analysts still suggest waiting a bit longer to confirm the changing trend in its price.
Mt. Gox’s transfer of BTC, totaling the amount of $8 billion, makes Bitcoin suffer, but it gradually strikes back after gaining 3.8%, as per CoinMarketCap data.
Crypto trader Dean noted that Bitcoin is still representing a strong downward trend.
”Good one. Interaction with channels usually means corrective pattern” Il Capo of Crypto stated on X
The marking still echoes the bullish trend sound, making it difficult to make a decision.
Bitcoin’s long-term bullish trend is challenged and is being tested, as acknowledged by crypto trader Jelly, after viewing a 3-day chart of BTC
Ichimoku prediction on BTC monthly closing price
The latest weekly candle of BTC added further pressure on the current market, as indicated by the Ichimoku Cloud.
If the price drops below $56,150, the Kijun Sen trendline will be on weekly timeframes, with the 7-day candle positioned between the Kijun Sen and the upper trendline, Tenkan Sen.
Popular trader Titan of Crypto commented that if the price of BTC closes below the Kijun Sen in the monthly time graph, then it is time to rethink the prediction of a bullish market trend.
Disclaimer: Cryptocurrency investments are considered high-risk and may result in an entire lack of capital; the facts provided are widespread, and beginners are not advised to spend money on shares.
