As of today’s Bitcoin (bitcoin) broke above $29,000 and a trader seems to be seeing a potential breakout already starting.
BTC price shows the breaking of the falling wedge
after touching i $28,670 local lowsdatas Cointelegraph Markets Expert And Trade View It has recorded a modest recovery in BTC price.
Staying in a tight range, Bitcoin largely followed US equities in yesterday’s Wall Street trading session.
Despite the lack of sustained momentum in either direction, market participants are looking for signs that some kind of trend is returning.
For popular trader Jelle, these took the form of a potential falling wedge break on daily timeframes.
“This current setup has a target of $32,000. Will it be able to break the underlying resistance?”, the analyst asks.
This second wedge started at the beginning of July; the previous stretches back to April, ending at the end of June.
Michaël van de Poppe, founder and CEO of Eight trading firm, described the previous day’s decline as a “standard correction”.
“A good daily candle just reversed. Let’s see what the CPI holds on Thursday”have Additional.
Van de Poppe referred to the most important macro event of the week – the U.S. consumer price index (CPI) release in July), which has traditionally been a catalyst for cryptocurrency market volatility.
In the intraday timeframes, the picture remained as muddled as ever, with a game being played between market makers and buyers in the stock markets.
Buyers surrendered and sold what was bought before
— Curvature Δ (@52kskew) 8 August 2023
“The failure of the casting forced purchases, especially spot trades, to bid because it was spot trades (related to spot buying around $29,000) that caused the sale.clarifies the famous merchant crooked.
Analysis: Bitcoin ‘Close to Oversold’
In a more optimistic assessment of the market, Yann Allemann and Jan Happel, co-founders of on-chain analyst firm Glassnode, suggested that the drop below $28,000 is more important than many thought as a local low.
According to the Risk Signal metric, Bitcoin has been at the highest risk level for several months.
Glassnode argues that in an environment of general volatility near all-time lows, coupled with a neutral signal in altcoins, the market is ripe for bullish intervention.
“The bears are in control but exhausted”Reads a post from X (formerly Twitter). reports the graphics in question.
“Bitcoin is close to oversold, we will use the liquidity pool (demand) around $28,500. This could be the reversal we were hoping for.”
This article does not contain investment advice or advice. Every investment and trade involves risk and readers should do their own research before making a decision.
Translation of Walter Rizzo