The Bitcoin price remains wavy, oscillating between $53.3k and $57k as traders search for direction. While Apr 18 shocks still reverberate, traders agree that the uptrend is valid, and prices may reach Apr 2021 highs in the coming few days.
Don’t Be Afraid: That is the Message from Bitcoin Master
Admittedly, the Bitcoin price is all over the place.
As if the Apr 18 scare isn’t enough, the BTC/USD market is saturated by pessimists. These are folks who think that the top is over and the BTC price is ready for another crater towards $20k—or worse, to zero!
The odds of the latter panning out, considering the current market condition, is zero to none. It can’t happen.
That’s why Alan Masters on Trading View is convinced of another wave of higher high even after countless days of bullish action in the recent past.
From his BTC/USD charts, he points out opportunities that will set in motion the continuation of the last three months’ “profits, growth, and fun.”
And here is where he finds them all: Reaction at key Exponential Moving Averages in the 4HR and Daily Charts.
In the 4HR chart, BTC prices reversed from the 200-period EMA. Meanwhile, in the daily chart, BTC/USD prices are firm above the 50-day MA.
Combined with the sharp drop and reversal of Apr-18 and 19, the Bitcoin market looks likely to recover. Of note, those quick declines and subsequent reversals early this week are good indicators of bullish continuation.
To this TA master, Bitcoin looks excellent, and there is no need to worry about what skeptics say is a dead cat bounce.
Time to Buy Low, Bitcoin will roar back to $58k
It is the same position held by a trader going by the name Project Syndicate on Trading View.
The analyst believes that the BTC/USD price can reach $58k—Apr 2021 highs in the next few days.
And why not?
There are many metrics to determine whether Bitcoin stands a chance.
Traders can look at their charts, but veterans often check the DXY and Bitcoin Correlation charts. It is a no-brainer why.
Analysts have identified a relationship between the DXY and Bitcoin. And right now, the USD is just choppy and weak!
As a result, Bitcoin buyers can tear higher.
In his analysis, Project Syndicate notes two crucial things:
- First, he acknowledged that Bitcoin remains in range.
- Second, despite the accumulation, the BTC/USD downside is limited.
Accordingly, traders can focus on buying low in the next few days provided BTC prices trend above $50k. Those aren’t aggressive, he says, can stay out.
In his assessment, the Bitcoin price can reach Apr 2021 highs in a retest in the next few weeks.
Not Confident: Bitcoin will Fall to $42k
But there are two sides to the same coin. Some analysts point at the awkward-looking Bitcoin price charts to pour cold water on uptrend talks.
MMBTrader posted a series of screen grabs on Trading View, detailing his prognosis.
His was a day after the free-fall on Apr 18. Since then, prices have been yo-yoing, swinging both hot and cold in the last four days.
But which way Bitcoin?
The technical analyst posted on the trading forum that Bitcoin traders should ready for a big plunge.
The bad news for his analysis is that Bitcoin is steady, even bullish. He might have missed the mark, explaining why he was criticized immediately after the post hit the inter-webs.
One mentioned how BTC/USD structures are in sync with the Fibonacci tools. Specifically, BTC prices didn’t break below the Fibonacci rising channel, which is bullish overall.
They are right.
A few days later, not only are BTC prices printing higher—in an encouraging contrarian move, but bulls are flowing back. At the same time, BTC price action continues to respect earlier structures.
The Bitcoin uptrend, if anything, is valid!
Disclaimer: Opinions expressed are not investment advice. Do your research.
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