Cryptocurrencies

Bitcoin will “push the next leg higher” if the main trading pattern is confirmed – Traders

Bitcoin will “push the next leg higher” if the main trading pattern is confirmed – Traders (BTC) price could see an uptrend reversal and “push the next move higher” if a popular trading indicator known as a reversal head and shoulders pattern is confirmed, according to a cryptocurrency trader.

Bitcoin Will “Push The Next Leg Higher” If The Main Trading Pattern Is Confirmed - Traders
Bitcoin Will “Push The Next Leg Higher” If The Main Trading Pattern Is Confirmed – Traders

“If we don’t break the $67.5K level outright, something like this forming over the next month would make sense for a lower pattern reversal,” crypto trader Matthew Hyland explained in a May 4 statement.  Mail  on X.

It refers to the inverse head and shoulders pattern – a bullish indicator that indicates that the downtrend is retreating, and that buyers are becoming more dominant in the market.

“It will be a great setup to push the next one up,” he declared.

Although it is crucial for Bitcoin to maintain a price above its short-term holder price of $59,500 “to maintain its uptrend,” pseudonymous cryptocurrency analyst and co-founder of CMCC Crest, Willy Wu, told his 1.1 X followers. One million on May 3.

The setup appears when Bitcoin price forms three bottoms below so-called neckline resistance, with the middle trough – known as the head – deeper than the left and right shoulder.

Bitcoin price has rebounded slightly from the “head” at $58,614 on May 1st, and if the pattern continues as the Hyland model indicates, it will find support around its second shoulder, at $60,000 – a key support level.

The decline would represent 5% from its current price of $63,350, according to CoinMarketCap data. A drop to that level would result in $530 million of long positions being liquidated, according to CoinGlass data.

Bitcoin Will “Push The Next Leg Higher” If The Main Trading Pattern Is Confirmed - Traders
Bitcoin is currently trading at $63,340. Source: CoinMarketCap

According to Hyland’s model, Bitcoin could rise above the neckline and surpass its all-time high of $73,800 by June.

Moreover, buyers’ interest in the cryptocurrency market is slowly increasing, according to the Fear and Greed Index.

The index currently sits at a “greed” score of 69, a significant rebound from three days ago when it indicated a “fear” score of 43.

Bitcoin will “push the next leg higher” if the main trading pattern is confirmed – Traders

Meanwhile, some traders expect the price of Bitcoin to remain stagnant in the near term, but they do not necessarily view this as a negative.

“The longer Bitcoin takes to consolidate, the more its price will rise to match the trend line,” added the pseudonymous cryptocurrency trader, Titan of Crypto.

“All-time highs in the previous Bitcoin cycle tend to slow down the price and make Bitcoin stall for several weeks,” a pseudonymous cryptocurrency trader, Daan Crypto Traders, told his X followers in a May 4 post.

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