Bitcoin (BTC) made a sharp rally on May 18 as analysts expected further rallies.
BTC Price Keeps Rising
Data from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair as it traded near $27,400 on Bitstamp.
The pair had posted sharp gains towards the previous day’s Wall Street open, touching a high of 3.5% from the day’s low.
Amidst changing signals on the exchange order book, popular trader Skew was optimistic about continuation.
“Prices took a cautious swing low with enough liquidity to push higher,” Abbreviation Partly from the Twitter analysis.
Skew said that overall macro conditions were creating friction for BTC price performance, but that the major stablecoin Tether promising regular BTC purchases should be a “positive headwind.”
For its part, the Cumulative Volume Delta (CVD) has shown increasing momentum in yet another sign that the bitcoin price can maintain its newfound strength.
oblique couple: “We’re looking for continued buying momentum for cash … otherwise we’ll go short.”
Material Indicators On-Chain Monitoring Resource obeyed Stock on Binance order book; The price rise coincided with an increase in volume for the largest segment of bitcoin whales.
If you’ve been following for more than a minute, you’ve seen me say that purple whales have historically had the most influence on Bitcoin PA. Here’s a textbook illustration of this on a W chart.
If you've been following for more than a minute, you've seen me say that Purple whales have historically had the most influence over Bitcoin PA. Here's a text book illustration of that on the W chart.
Learn more about FireCharts here https://t.co/cLxkExkPmX pic.twitter.com/1I5JKGstCt
— Material Indicators (@MI_Algos) May 17, 2023
If you’ve been following me for more than a minute, you’ve probably noticed me saying that purple whales have historically had the most influence on Bitcoin price action. Here’s a neat example of this on a W chart. Learn more about FireCharts here:
As usual, not everyone was convinced of the longevity of the climb. Popular among them was the TraderSZ trading account, which started the day by closing a long position in BTC.
“I think the rebound is over,” read part of the accompanying commentary, anticipating a return to the downside.
As Cointelegraph reported, the short-term and long-term downside targets currently lie around $25,000 and $24,000, respectively.
Bitcoin price correction “could be short”
For their part, another trader, Credible Crypto, revealed their belief that next month could see a bullish return to the upside.
“Extension and down till when? Tested $25,000, LIC moved below us, this correction could be below, but we will have to see how price action in the coming days. While we download lower So far, the development of the price action will give us some clues to work from,” explained part of A. do On the day.
Reliable Crypto moved up two charts with notable trend lines, suggesting that the upper should be held as support and that BTC/USD was rising.
“I expect the blue dotted trend line to hold, which would mean less than 30 days to complete this sideways phase and higher to start the next phase,” he continued, describing the character of the move as “absolutely explosive”. ,
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