Bitcoin price can begin its rise at any time. By @Rubedarioh.👍
😃 Hello everyone from the #projetc-HOPE Community, Bitcoin (BTC) is nearing the end of a period of consolidation that traders hope will trigger a new bullish breakout. In a tweet today June 1st popular crypto trader Ed became the latest voice in the expanding bullish movement calling for the limit to BTC's low price levels.
According to bitcoin D-day data would start on Wednesday 02-05-2021.
After consolidating in a wide range since reaching $30,000k the BTC/USD pair is printing higher lows and lower highs on lower time frames. This narrowing wedge on the chart has a logical end point where volatility becomes virtually zero and historically, this results in a major up or down move. The uptrend in the bitcoin price is starting to look like it did in 2013 after posting a monthly red candle.
"Expecting the bounce at any time "; summed up Crypto Ed.
"When it does, I think we will break higher in the next few days."
He added that a failure to breakout could have the opposite effect; a nod to those already warning of a possible further bearish slide towards $20,000. The Bitcoin price must now "retake $9,400 fast" to stop the bearish. The sideways traiding pattern after a major price move that culminates in a narrow gap and breakout, known as "compression," is a classic chart phenomenon for Bitcoin. The process characterized much of 2020 in particular before the bull market really kicked in to take BTC/USD past its 2017 all-time highs.
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"Volatility is expected for the end of the week," added trader Larjk Davis.
The 50-day moving average remains as classic support.
Bitcoin's 50-week exponential moving average (WEMA) is back as support despite overall lower levels, and historically, this has been a key bullish flag. "In a sustained bull market, you can have a down period that is very deep, but as long as this down period stays above this bull tax indicator, the WEMA 50, we can keep that bull tax preserved and the price rally can actually continue thereafter." As a total, $30,000 may have simply been a "really sizable discount" rather than a bearish inflection point for Bitcoin.
Bitcoin retreats near USD 37,500, on-chain data shows short-term investor capitulation.
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This will be a sign of hope to many crypto trader that are fearing that they might lose their assets a lot soon due to the predicted bitcoin continues dipping
Thanks for commenting @mary241 that's right, this analysis is based on the best exchanges where they say that bitcoin already hit the floor and should rise this week, greetings.
Beautiful analysis. Well I would say in cryto, anything can happen. But I also think the prise will pump anytime soon.
Thank you for commenting so many hope that the prize can increase, greetings.