Analyst sets Bitcoin’s next buying opportunity before $73,000
The post Analyst sets Bitcoin’s next buying opportunity before $73,000 appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) is again trading around the $60,000 psychological level, encouraging both bullish and bearish analyses in the market. While the leading cryptocurrency decides its direction, traders and investors look for the next buying before a bull rally starts. In particular, Bitcoin’s trading expert CrypNuevo posted his “Sunday Update” on August 18, highlighting potential movements for BTC price. First, the analyst expects Bitcoin to briefly break out from a descending broadening wedge chart pattern spotted by different traders. Finbold has already reported two analyses that mention this pattern, one eyeing the $100,000 mark and the other warning of downside potential. CrypNuevo foresees a potential deviation from the pattern to “trap breakout traders,” nearing the $62,000 price level. He is then biased toward the short-term downside potential after this expected bull trap, driving prices to sub-$54,000. Bitcoin (BTC/USDT) 4-hour price chart. Source: TradingView / CrypNuevo Bitcoin’s two potential buying opportunities Zooming out, a higher time frame chart indicates that this move could create a “potential spot buy opportunity.” For that, the analyst relies upon his “fill the wick” strategy, which has shown relevant accuracy in past trades. Notably, he spotted two potential wicks in different time frames, setting his targets to press the “buy” button. One target is at $53,600, and the other fills 50% of the one-week and one-day charts at $51,500. However, it is possible to see sub-$50,000 prices if the market makers aim for 100% of the wick. Bitcoin (BTC/USDT) one-day price chart. Source: TradingView / CrypNuevo BTC has enough liquidity to seek $73,000 soon Despite a bearish short-term forecast—that could happen this week, ahead of Jerome Powell’s speech at the Jackson Hole meeting—CrypNuevo holds a mid-term bullish bias, potentially leading Bitcoin’s price to its current all-time high at $73,000. This is because BTC has significant liquidity pools…
Filed under: News - @ August 18, 2024 5:20 pm