“Good Luck Bears” — Bitcoin Traders Watch Closely As April Closes With BTC Price At $29K
Bitcoin (BTC) reduced volatility on April 30 as the weekly and monthly candlesticks approached.
Trader sees BTC price upside capped at $32,500
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it soared just above $29,000 over the weekend.
After choppy 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 meet the light.
“Nothing has changed,” summed up popular trader Elizy in a recent piece Twitter Analytics of the 3-day chart.
Elizy saw a potential upside target of up to $32,500 in the event of a breakout, while the loss of a key trendline below the spot price would cause it to “get really bearish.”
Fellow trader known as J focused on the monthly close, noting that BTC/USD was now sitting at a historically significant point based on behavior throughout the current halving cycle.
“On the month, we can see that Bitcoin has moved into the 2021 lows, which is a major resistance + supply area,” he summarized.
As part of the long-term roadmap, the largest cryptocurrency should see “Chop + a bit down during May – Sep/Oct,” J added, before performance picks up.
“Good Luck Bears”
With little to work with on lower timeframes, others also used to examine strength on the weekly chart and higher.
Related: Bitcoin Price Holds $29,000 as US PCE Data Gives 90% Bet on Fed Rate Hikes
Among them was analyst Mustache, who noted that support remained above key exponential moving averages (EMAs) in a manner similar to that which preceded major upsides in previous years.
“Imagine being bearish on BTC even though it has formed support ABOVE the EMA bands for weeks. Good luck bears,” he commented.
Last week, Mustache argued that “smart money” had already built BTC positions and was now waiting for the real upside to kick in.
With the current spot price at $29,267, Bitcoin would go some way to canceling out the previous weekly candlestick losses if it closed without last-minute volatility.
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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.
