bitcoin (B T c) is near the end of a consolidation period, traders who are betting there will be a fresh bullish breakout.
In Tweet On June 1, popular trader Crypto Ed became the latest voice in the call of times to move bullishly on lower BTC price levels.
Data: D-Day for Bitcoin Price Begins Wednesday
After consolidating in a broader range since reaching $30,000, BTC/USD is printing higher lows and lower highs on the shorter time frame.
This narrow spike on the chart has a logical endpoint where volatility practically falls to zero – and historically, it’s a big move up or down.
“Hopefully there will be a rebound any moment now,” Crypto Aid summarized.
“When that happens, I think we’ll be upside down in the days to come.”
He said a failure to exit could have the opposite effect, a sign for those Already warned More than a possible fresh downtrend towards $20,000.
Meanwhile a look at the hourly chart sets a make-or-break moment for bitcoin on June 2, at which point the market trajectory should be decided in the short term.
“Expect volatility by the end of the week,” fellow trader Lark Davis couple.
– Lark Davis (@TheCryptoLark) 1 June 2021
The pattern of sideways trading following a major price move that ends in a narrow wedge and breakout – known as a “compression” – is a classic chart event For bitcoin. The process is particularly characterized by 2020, with the bull market in fact kicking off BTC / USD to move past the historic high of 2017.
50-day moving average remains as classic support
Meanwhile, an essential long-term chart feature is of interest to Rekt Capital after a drop of $30,000.
Bitcoin’s 50-week Exponential Moving Average (WEMA) has returned as support despite overall lows, and historically, it has been a major bull flag.
“In a sustained bull market, you can have a crash period that is too deep, but as long as this crash period stays above this bullish indicator, the 50 WEMA, we can maintain that bullish momentum and the price rally. can actually continue later,” he explained in a youtube update on Monday.
Therefore, $30,000 may just be a “really huge discount” rather than a bearish watershed for Bitcoin.