Traders are using various strategies to determine whether Bitcoin price has bottomed, but on-chain activity and derivatives data hint that the situation remains precarious. The digital asset doesn’t face a lot of resistance ahead but must defend key support level. Bitcoin price had a breakout from a descending broadening wedge pattern on the 4-hour chart. The action resulted in the liquidation of $12 billion in futures long bets, and market confidence has remained considerably depressed to this day. Monday, May 31 2021 . Following Weekend Stagnancy, All Eyes Are on BTC; Final 7 days, a crypto industry analyst, TraderKoz mentioned that if BTC could maintain the $37,000 help line over the weekend, its chances of regaini. BTC 1 hour descending broadening wedge - enter long position once wedge has broken to upside and candle has closed above resistance. The number of BTC inside exchanges has plummeted in the last week. Now, the weekend has actually reoccured, and Bitcoin is sitting at $34.5K, strongly listed below $37,000–and it might fall even further. The pattern is formed by two diverging lines, the resistance being a horizontal line and the support a bearish downward slant, so it is an inverted ascending triangle. A right-angled descending broadening wedge is a bullish reversal pattern. Mental/hard stop - placed below the support line. Traders have been trying to time the much-anticipated trend reversal ever since Bitcoin (BTC) initiated its 48% correction to $30,000 on May 12. The move culminated with $12 billion worth of futures long positions being liquidated, and to date, trader’s confidence remains somewhat dampened. What is a right-angled descending broadening wedge? The move culminated with $12 billion worth of futures long positions being liquidated, and to date, trader’s confidence remains somewhat dampened. Breaking News % Escrow Costs on Bitzlato P2P System; Will Bitcoin Retest $30K? Since April 23, Bitcoin price had a major recovery toward $55,000. 11:00 ETHEREUM DESCENDING BROADENING WEDGE + 1-2-3 REVERSAL PATTERN ANALYSIS. Traders have been trying to time the much-anticipated trend reversal ever since Bitcoin (BTC) initiated its 48% correction to $30,000 on May 12. Traders have been trying to time the much-anticipated trend reversal ever … #bitcoin #crypto #altcoin #interest #stockmarket #bearmarket #bullmarket #Pivotpoint #mmcrypto #btc #bitcoinprice #bitcointoday #economy #CPR #bitcoincme #CentralPovitPoint #bitcoinprice #ethereumprice #btcprice #ethprice #crypto #cryptocurrency. Or is it in a short-term downtrend that will continue below $10k? Is Bitcoin a few hundred dollars away from testing a critical breakout area? At the time of publishing, the price was very close to the resistance line of the wedge. 2 Bitcoin price indicators suggest BTC has not bottomed yet Journalists May 30, 2021 4 min read Traders are using various strategies to determine whether Bitcoin price has bottomed, but on-chain activity and derivatives data hint that the situation remains precarious. According to @noshitcoins, derivatives and on-chain data signal that further downside could be in store. If BTC stopped working to hold this assistance line, nevertheless, it might drop to levels in between $30K and $35K. The 4H chart for ETH/BTC shows Ethereum (ETH) rising against Bitcoin (BTC) but we now have reasons to believe that this ascending channel could be part of a bear flag. This time, there is not enough bullish momentum for the price to rise even towards the top of the broadening wedge. Since Bitcoin (BTC) began its 48 percent decline to $30,000 on May 12, traders have been attempting to time the much-anticipated trend reversal. Comment: enter 10,650 target 11,178 thru 11,086 and then watch for retest of MA20, S/R, and .236 at 10,958 The Bitcoin price is following a descending resistance line and possibly trading inside a descending broadening wedge since April 6. Has Bitcoin price bottomed yet? Bitcoin’s Descending Broadening Wedge.
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