‘Good luck bears’ — Bitcoin traders closely watch April close with BTC price at $29K


Bitcoin (BTC) narrowed volatility on April 30 as the weekly and monthly candle closes loomed.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader sees BTC price upside capped at $32,500

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it loitered just above $29,000 throughout the weekend.

After unsettled price action earlier in the week, Bitcoin returned to sideways trading, with markets witnessing an eerie calm despite the potential for volatility thanks to lower weekend liquidity.

As such, traders were hopeful that no unwelcome surprises would greet the candle closes.

“Nothing has changed,” popular trader Elizy summarized in part of recent Twitter analysis of the 3-day chart.

Elizy eyed a potential upside target of up to $32,500 in the event of a breakout, while the loss of a key trend line below spot price would be cause to “become really bearish.”

How To Get Free Crypto  

BTC/USD annotated chart. Source: Elizy/Twitter

Fellow trader known as J focused on the monthly close, noting that BTC/USD now sat at a historically significant point based on behavior from throughout its current halving cycle.

“On the monthly, we can see Bitcoin has rallied into the 2021 lows, which is a major resistance + supply area,” he summarized.

As part of the longer-term roadmap, the largest cryptocurrency should see “Chop + slightly down during May – Sep/Oct,” J added, before performance picks up.

BTC/USD annotated chart. Source: J/Twitter

“Good luck bears”

With little to work with on lower timeframes, others also resorted to examining strength on the weekly chart and higher.

Coinbase Banner  

Related: Bitcoin price holds $29K as US PCE data sparks 90% Fed rate hike bets

Among them was analyst Moustache, who noted support holding above key exponential moving averages (EMAs) in a manner similar to that which preceded major upside in previous years.

“Imagine being bearish on BTC even though it has been forming support ABOVE the EMA ribbon bands for several weeks. Good luck bears,” he commented.

BTC/USD annotated chart. Source: Moustache/Twitter

Last week, Moustache argued that “smart money” had already built BTC positions and was now waiting for the real upside to kick in.

At current spot price of $29,267, Bitcoin would go some way to canceling out the prior weekly candle losses were it to close without last-minute volatility.

FreeBitcoin Banner  

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

Magazine: Whatever happened to EOS? Community shoots for unlikely comeback

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.

Go to Source
Author: William Suberg

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.