Cryptocurrency News

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

5c6cc0a6 757f 4da0 8804 e63308cbc0c1

Bitcoin (BTC) held a snap rebound on May 18 as analysts hoped that further upside would come next.

4afdb8c4 3a30 47d3 bc37 409bc16cc107
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

BTC price sustains knee-jerk move higher

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it circled $27,400 on Bitstamp.

The pair had made swift gains toward the prior day’s Wall Street open, these topping out at 3.5% versus the day’s lows.

Amid changing signals on exchange order books, popular trader Skew was hopeful for continuation.

“Price swept the pre-emptive swing low, which was enough liquidity to push up higher,” he summarized in part of Twitter analysis.

Skew continued that while macro conditions were overall causing friction for BTC price performance, largest stablecoin Tether pledging regular BTC buys should be a “positive headwind.”

da79b777 e4c2 453a 849e 030931934009
Bitcoin cumulative volume delta (CVD) data annotated chart. Source: Skew/ Twitter

Cumulative volume delta (CVD) meanwhile showed increasing momentum in a further sign that Bitcoin price might sustain its newfound strength.

“Looking for sustained buying momentum by spot else scalp short,” Skew added.

On-chain monitoring resource Material Indicators tracked the action on the Binance order book, with the price uptick coinciding with an increase in volume from the largest class of Bitcoin whales.

As ever, not everyone was convinced about the uptick’s longevity. Among them was popular trading account TraderSZ, which began the day closing out a long BTC position.

“Think the bounce is done,” part of accompanying commentary stated, anticipating a return to downside.

6b2efbe9 1f30 4260 8329 a1a35f7a7664
BTC/USD annotated chart. Source: TraderSZ/ Twitter

As Cointelegraph reported, shorter-term and longer-term downside targets currently extend to around $25,000 and $24,000, respectively.

Bottom “might be in” for Bitcoin price correction

Zooming out, meanwhile, fellow trader Credible Crypto revealed a belief that a more pronounced return to upside could come within the next month.

Related: ‘One of the greatest’ Bitcoin metrics says BTC price bull run is here

“How much longer till expansion and is the bottom in? 25k’s tested, liq below us taken, bottom for this correction MIGHT be in but need to see how PA develops over the coming days. While we can’t rule out a flush lower yet, developing PA will give us some clues to work with,” part of a tweet on the day explained.

Credible Crypto uploaded two charts with trend lines worth noting, adding that the upper one should 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 phase to complete and the next move up to begin,” he continued, describing the move’s character as “absolutely explosive.”

ab88724a 78af 423f 9456 676de6586fdf
BTC/USD annotated chart with trend lines. Source: Credible Crypto/ Twitter

Magazine: Alameda’s $38B IRS bill, Do Kwon kicked in the assets, Milady frenzy: Asia Express

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.