Bitcoin may be in a bearish trend, Josh Olszewicz finds Tenkan/Kijun crossover signal on the daily chart

According to U.Today, well-known cryptocurrency trader Josh Olszewicz has discovered a Tenkan/Kijun crossover signal on Bitcoin's daily chart, which could signal the beginning of a bearish trend. To calculate the Tenkan Sen, you need to add the highest and lowest prices over the past nine cycles and divide it by two. This line can often serve as a short-term support line in an uptrend, meaning that the price may find some buying interest here. At the same time, it can also serve as a short-term resistance line if an asset is in a downtrend. The Kijun Sen (baseline) is calculated by adding the highest and lowest prices over the past 27 cycles and dividing it by two. This baseline can serve as a medium-term support line. The relationship between these two lines may provide traders with key signals about the current state of the market. The Tenkan Sen line falling below the Kijun Sen line is often seen as a bearish indicator as it shows that the market is succumbing to bearish pressure. However, since the crossover occurs below the Ichimoku cloud, this signal may not be a fatal blow to the bull trend. At press time, Bitcoin is trading at $63,645, according to data provided by Coingecko. U.Today reports that Bitcoin, the largest cryptocurrency at present, has underperformed Ethereum, which has risen by about 6% in the past 24 hours.