Bitcoin’s (BTC) recent price slide may have legs, according to technical analysis by alternative asset management firm Valkyrie Investments.
The leading cryptocurrency by market value has declined by 10% to $26,200 this month, thanks to renewed hawkish Fed bets, the recovery in the dollar index, and the lingering U.S. debt ceiling uncertainty.
Per Valkyrie, a further decline toward $24,000 may be seen as bitcoin’s daily chart Ichimoku cloud, a momentum indicator, has flipped bearish.
Japanese journalist Goichi Hosada created the Ichimoku Cloud in the late 1960s. The indicator comprises five lines: Leading Span A, Leading Span B, Conversion Line or Tenkan-Sen (T), Base Line or Kijun-Sen (K) and a lagging closing price line.
The difference between Leading Span A and B makes up the cloud,
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