Some rapid declines failed to get Bitcoin (BTC) out of a familiar trading range. One trader describes this situation as “uncertainty”.
Despite the volatility, Bitcoin is “in obscurity”
As you follow on Kriptokoin.com, BTC has lost $1,000, or over 3%, within a few hours of the day. The leading cryptocurrency is seeing more lively conditions specific to weekend trading. However, he couldn’t get out of a wider corridor that had been going on for weeks. BTC has disappointed market participants amid a lack of ammunition to either break the $30,000 resistance or drop towards key trendlines near $25,000. Popular trader Crypto Tony tells his followers:
BTC is really in uncertainty right now and doesn’t know what to do… I pulled back from a position. I’m just waiting for one side of that range to break to re-enter.
A BTC chart that the analyst attached shows potential targets in the event of a downtrend.
BTC caption chart / Source Crypto Tony/TwitterMeanwhile, additional analysis published earlier in the day echoed current estimates that $32,000 will kick in if the bullish momentum returns. In this context, the analyst shared the following:
With all the attention on meme-coins, I’m not surprised to see a literally stagnant Bitcoin. As always, the fun will continue sooner or later. But for now, we are planning ahead. A move towards the higher $32,000 would be perfect.
While the attention is all on #Memecoins i am not surprised that we are literally seeing a stagnated #Bitcoin
The fun will continue sooner or later as it always does, but for now we plan ahead. A move to the high $32,000 would be perfect pic.twitter.com/m9uI3RmDln
— Crypto Tony (@CryptoTony__) May 6, 2023
In a separate article, fellow trader CryptoBullet describes the day’s losses as “nothing special”. Part of the commentary argues that it is the “last drop before it breaks” with a chart presenting BTC in a narrowing wedge and where a decision on exit trajectory needs to be made.
https://twitter.com/CryptoBullet1/status/1654865405154848768
BTC price bulls need to surpass $30,000
As always, longer timeframes lead to more optimistic views. Analyzing the weekly chart, analyst Gert van Lagen marks the 200-week simple moving average (SMA) as the next resistance line to cross. He also states that Bitcoin will likely complete an equally bullish inverse head and shoulders chart pattern.
BTC caption chart / Source: Gert van Lagen/TwitterMeanwhile, trader CryptoAce highlights the major weekly resistance zone that the bulls must contend with. Moving from this, the trader makes the following statement:
Weekly resistance block at $29.7k – $31.5k. Stay below and that’s where the $24,000 price will be traded in a few weeks IMO. Last week I shorted at $29.7k and closed at $28,000. Now I’m looking for a short position of 24 thousand dollars above 29.5 thousand dollars up to 31.5 thousand dollars.
https://twitter.com/CryptoAceBTC/status/1654728921693429763
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