Bitcoin (BTC) is once more buying and selling across the $60,000 psychological stage, encouraging each bullish and bearish analyses available in the market. Whereas the main cryptocurrency decides its path, merchants and buyers search for the following shopping for earlier than a bull rally begins.
Particularly, Bitcoin’s buying and selling skilled CrypNuevo posted his “Sunday Replace” on August 18, highlighting potential actions for BTC value.
First, the analyst expects Bitcoin to briefly escape from a descending broadening wedge chart sample noticed by totally different merchants. Finbold has already reported two analyses that point out this sample, one eyeing the $100,000 mark and the opposite warning of draw back potential.
CrypNuevo foresees a possible deviation from the sample to “lure breakout merchants,” nearing the $62,000 value stage. He’s then biased towards the short-term draw back potential after this anticipated bull lure, driving costs to sub-$54,000.
Bitcoin (BTC/USDT) 4-hour value chart. Supply: TradingView / CrypNuevo
Bitcoin’s two potential shopping for alternatives
Zooming out, the next time-frame chart signifies that this transfer might create a “potential spot purchase alternative.” For that, the analyst depends upon his “fill the wick” technique, which has proven related accuracy in previous trades.
Notably, he noticed two potential wicks in several time frames, setting his targets to press the “purchase” button. One goal is at $53,600, and the opposite fills 50% of the one-week and one-day charts at $51,500. Nonetheless, it’s doable to see sub-$50,000 costs if the market makers purpose for 100% of the wick.
BTC has sufficient liquidity to hunt $73,000 quickly
Regardless of a bearish short-term forecast—that would occur this week, forward of Jerome Powell’s speech on the Jackson Gap assembly—CrypNuevo holds a mid-term bullish bias, doubtlessly main Bitcoin’s value to its present all-time excessive at $73,000.
It is because BTC has vital liquidity swimming pools at $63,000, $67,000, $70,500, and $73,000. On the lookout for liquidation swimming pools is one other confirmed technique by this analyst, with historic accuracy for setting targets.
In keeping with CrypNuevo, Bitcoin will doubtless pursue these targets as much as its all-time excessive of $73,000. Earlier than that, nevertheless, BTC might revisit decrease ranges at $53,600 and $51,500, creating the following shopping for alternative for good merchants.
Then again, cryptocurrencies are extremely risky belongings that require warning whereas buying and selling. Even skilled merchants with a great monitor file could make errors and be stunned by surprising strikes on this market.
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