Bitcoin (BTC) climbed back above $24,000 at the Feb. 17 Wall Street open as analysis favored “consolidation and continued” gains.
Bitcoin Faces Key Level to ‘Break’ Bearish Trend
Data from Cryptooshala Markets Pro and trade view showed BTC/USD retracing some overnight losses after dropping to $23,369 on Bitstamp.
The pair hit fresh six-month highs the day before, facing tough resistance from two weekly moving averages (MA) and a strong selling wall.
Scott Melker, trader and host of the podcast known as “The Wolf of All Streets,” emphasized the importance of levels acting like lines in the sand for bulls.
“$25,212. I’ve been screaming about this number for weeks. A break above (ideally close) makes a higher high for the first time from $69,000,” he said. tweeted about the weekly chart of February 16.
“It breaks the bearish trend. Just tapped, down to the penny… and dropped in the short term. Time to pay attention!”
Study of activity on the exchanges, monitoring of resources. Material indicators revealed that demand support is slowly rising, taking the spot price with it.
“The infamous BTC buy wall that we tracked for 5 weeks has moved strategically again, this time just above the 21-day moving average,” the post reads. marked next to the chart.
“This entity seems to play level after level in the Tech Plan.”
Accompanying data from the Binance BTC/USD order book also showed resistance rising to $25,600, well above the level of the 200-week moving average that moved from support to resistance last August.
Trader: Critical support at $22,800.
Meanwhile, Cryptooshala contributor Mikael van de Poppe was optimistic about the outlook, call for “consolidation and continuation”.
Bitcoin Metric Prints ‘Mother Of All BTC Bullish Signals’ For Fourth Time Ever
“Bitcoin sees a rise up and a bit of a deviation there, but this does not mean that we will reach $12,000,” he reasoned in a tweet that day.
Diagram tagged $22,800 as a key area for bulls if BTC/USD decides to print a higher low (HL) next time.
The day before van de Poppe argued that the period from March to June should be a “party” in all cryptocurrency markets.
“It is difficult to determine the right strategy when everyone around you is shouting the opposite. That’s what happens at these aid rallies,” he said. continuation about the current state of crypto sentiment.
“People are stuck in the mindset of the last 18 months and can only expect a further downturn. Hence, they keep going short.”
However, it was long traders who felt most of the pain on Feb. 16, as the fall of Bitcoin led to $45 million in positions being liquidated, data from Coinglass shows. The liquidation of long cross-cryptocurrencies has almost reached $125 million.
The views, thoughts and opinions expressed here are those of the authors only and do not necessarily reflect or represent the views and opinions of Cryptooshala.
Credit : cointelegraph.com
