Saturday, June 3, 2023

Bitcoin is showing new bullish signs

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 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.

Bitcoin is showing new bullish signs

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”. ,

Bitcoin is showing new bullish signs

This article does not constitute investment advice or recommendations. Every investment and trading move involves risk; Readers should do their research when making decisions.

Disclaimer: The information and/or opinions expressed in this article do not represent the views or editorial line of Cointelegraph. The information presented here should not be construed as financial advice or investment recommendation. All investments and commercial dealings involve risk and it is the responsibility of each individual to conduct appropriate research before making any investment decision.

Investing in crypto assets is not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed at or accessible to investors in Spain.

World Nation News Desk
World Nation News Desk
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