Analyzing Bitcoin’s Bullish Momentum
This week, esteemed market analyst and Cointelegraph contributor filbfilb joined seasoned trader Tone Vays on a live stream, where they delved into the evolving landscape of Bitcoin’s price action. With Vays emphasizing that Bitcoin remains in a firmly bullish stance on the weekly chart, both traders explored their predictions and trading methodologies.
The Weekly Timeframe: A Bullish Breakout
According to Vays, Bitcoin’s triumph over multiple resistance levels signifies a power move, as evidenced by the TD Sequential indicator showcasing a level six. Breaking past a crucial descending trendline at the 0.32% Fibonacci retracement level at $9,770.55 only strengthens his stance. However, he cautioned that daily indicators show a less optimistic outlook, suggesting that traders might be in for a wild ride.
Short-Term Corrections: Timing Your Trades
Vays believes we might face a correction between one to four candles before Bitcoin shoots higher, especially with the halving event on the horizon. Viewing the current phase as a no-trade zone, he advises against jumping into trades unless Bitcoin breaks out above $10,400 to $10,450. On the flip side, he suggests that accumulating when Bitcoin dips to $10,000 or the golden $9,500 area could bear fruit for bulls.
filbfilb’s Long-Term Optimism
Jumping into the discussion, filbfilb echoed Vays’s bullish sentiment but added a twist. He believes Bitcoin has successfully exited its reaccumulation phase, aiming for the elusive zone between $9,500 and $11,000. However, resistance from previous highs could be problematic as Bitcoin hasn’t breached $11.5K since early 2018!
The Role of Fibonacci Levels
Filbfilb’s bullish lens also focuses on Fibonacci levels, with the 50% being reclaimed and the 61.8% level anticipated to act as thick resistance. Should Bitcoin manage to conquer $11,500, he predicts it could rocket up to the $15,500 mark—talk about a roller coaster!
Future Insights: Institutional Interest
The conversation steered toward Bitcoin futures, with filbfilb highlighting the positive trend in futures trading volume and open interest—signs that institutional players are in the game. As the market shows healthy growth, the bullish momentum seems to remain intact.
Aiming High: Predictions Ahead
Discussing future price targets, Vays speculated on the potential for Bitcoin to set new records. Responding to an audience question about whether to buy now or wait for a dip, filbfilb emphasized that the market dynamics were promising overall. He doesn’t see a need to gamble on waiting for a pre-halving pump; it might just be a missed opportunity. With a consensus like this, the coming months appear intriguing, to say the least!
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