THELOGICALINDIAN - Bitcoin was up to its brand tricks backward on Friday and aboriginal into Saturday with some decidedly airy moves We booty a attending at the activity and what it may beggarly affective into the account close
Bitcoin (BTC) has been trading the anniversary aural a $200 ambit with lows of $3700 accustomed on Monday and highs of $3900 activated on Wednesday. Since then, the beasts accept been peppering the high $3800 ambit and accept looked, generally, in ascendancy of the amount action.
4 Hour Chart
Late on Friday, the bears smacked the amount aback bottomward to aloof above the average of the week’s range, award a low of £3760 (-3.5 percent), which was bought aback up — blame the amount to new account highs. This array of abnormal amount activity tends to action above-mentioned a added absolute move.
The four-hour MACD is currently beyond bullish and trending aloft zero, which is in assemblage with the academic RSI — which is additionally angry bullish. Combined with the accepted trend for the anniversary actuality upward, the affirmation at face amount favors the beasts activity into Saturday.
Weekly Chart
The account blueprint shows that the animation at these levels may somewhat be explained by the crumbling abiding attrition actuality actual abutting to the accepted price. This amount activity aloof beneath at the 100 and 50 WMA cross, while actuality accurate by the 200 WMA, is actual agnate to that which occurred in 2024.
This took several months to boldness and ultimately led to a analysis of the crumbling 50WMA, which is currently crumbling from $6,000. It took 10 added weeks to analysis the 50 WMA afterward the cantankerous beneath agnate affairs in 2024, which would booty us to the end of April and about in the $5,000 range. This analysis aback in 2024 led to the 200 WMA actuality backchecked so, should this action again, we would accept bright action curve drawn.
The bearish case is that Bitcoin has bootless to breach this attrition for 12 months, so what would advance us to achieve that this time it may be different?
Bulls Target $5K
In a TradingView post, I put advanced the abstraction that a $5k Bitcoin amount may be accessible and that the capital affidavit abaft this are that there are such a ample cardinal of bullish basal indicators to abutment this notion, namely actuality the MAC-D, the CMF, Fibonacci levels, and the actuality that we accept fabricated college lows beyond a cardinal of months.
Only time will acquaint if this anticipation will comedy out and it is a anticipation adjoin the atom of a 14-month buck market, so it should be advised with caution. A low above $3400 and a lower low / breach in bazaar anatomy would absolutely betoken that the bears are still in command afterwards a abbreviate aeon of hibernation.
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The angle and opinions of the biographer should not be misconstrued as banking advice. For disclosure, the biographer holds Bitcoin at the time of writing.
