Bitcoin Trader Predicts End of Dip: Could BTC Price Action Reach Explosive Highs?
• Bitcoin (BTC) price held a snap rebound on May 18, with the pair topping out at 3.5% versus the day’s lows.
• Popular trader Skew was hopeful for continuation of upside in BTC price action, while on-chain monitoring resource Material Indicators tracked the action on the Binance order book.
• Shorter-term and longer-term downside targets currently extend to around $25,000 and $24,000, respectively.
Bitcoin Price Uptick
Bitcoin (BTC) price held a snap rebound on May 18, with the pair topping out at 3.5% versus the day’s lows. Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it circled $27,400 on Bitstamp.
Analyst Hopeful For Continuation
Popular trader Skew was hopeful for continuation of upside in BTC price action, citing pre-emptive swings in liquidity as a potential positive headwind from Tether pledging regular BTC buys. Meanwhile, cumulative volume delta (CVD) showed increasing momentum, further indicating that Bitcoin price might sustain its newfound strength.
Downside Targets
Not all analysts were convinced about the uptick’s longevity however; one account closed a long BTC position predicting a return to the downside shortly afterwards. Shorter-term and longer-term downside targets currently extend to around $25,000 and $24,000 respectively.
Bullish Signals On Low Timeframes
Bitcoin is giving fresh bullish signals on low timeframes leading to hopes that BTC price action may ditch its recent corrective phase within weeks as it adds 3.5%.
End Of Dip Predicted?
A bitcoin trader predicts end of dip within weeks as BTC price adds 3.5%, fueling hopes that its current corrective phase will soon be over and done with .
