Bitcoin trader predicts end of dip within weeks as BTC price adds 3.5%

Among them was the popular trading account TraderSZ, which started the day closing out a long BTC position. While we cant rule out a flush lower yet, establishing PA will offer us some clues to work with,” part of a tweet on the day explained.Credible Crypto submitted two charts with trend lines worth keeping in mind, adding that the upper one need to hold as support, with BTC/USD then going higher.”I expect that blue dotted trendline on the right to hold which would mean less than 30 days for this sideways stage to complete and the next relocation up to start,” he continued, describing the moves character as “absolutely explosive.

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Skew included that while macro conditions were general triggering friction for BTC cost performance, the biggest stablecoin Tether pledging routine BTC buys ought to be a “positive headwind. Source: Skew/ TwitterMeanwhile, cumulative volume delta (CVD) revealed increasing momentum, additional indicating that Bitcoin price may sustain its newly found strength.” Looking for sustained purchasing momentum by area else scalp short,” Skew added.On-chain monitoring resource Material Indicators tracked the action on the Binance order book, with the cost uptick coinciding with a boost in volume from the biggest class of Bitcoin whales.If youve been following for more than a minute, youve seen me state that Purple whales have traditionally had the most influence over Bitcoin PA.

Bitcoin (BTC) held a breeze rebound on May 18 as experts hoped that more benefit would come next.BTC/ USD 1-hour candle light chart on Bitstamp. Source: TradingViewBTC rate sustains knee-jerk relocation higherData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it circled around $27,400 on Bitstamp.The set had made quick gains toward the previous days Wall Street open, these topping out at 3.5% versus the days lows.Amid changing signals on exchange order books, popular trader Skew was confident for continuation.” Price swept the pre-emptive swing low, which was enough liquidity to push up higher,” he summarized in part of a Twitter analysis. Alter included that while macro conditions were overall triggering friction for BTC cost efficiency, the biggest stablecoin Tether vowing routine BTC buys should be a “positive headwind.” Bitcoin cumulative volume delta (CVD) information annotated chart. Source: Skew/ TwitterMeanwhile, cumulative volume delta (CVD) showed increasing momentum, more suggesting that Bitcoin rate might sustain its newly found strength.” Looking for continual purchasing momentum by area else scalp short,” Skew added.On-chain tracking resource Material Indicators tracked the action on the Binance order book, with the rate uptick accompanying an increase in volume from the biggest class of Bitcoin whales.If youve been following for more than a minute, youve seen me say that Purple whales have historically had the most influence over Bitcoin PA. Heres a text book illustration of that on the W chart.Learn more about FireCharts here https://t.co/cLxkExkPmX pic.twitter.com/1I5JKGstCt— Material Indicators (@MI_Algos) May 17, 2023