Bitcoin (BTC) reached $ 38,000 on June 2 when a long-awaited episode of volatility saw a critical return to the bullish level.
1 hour candlestick chart BTC / USD (Bitstamp). Source: TradingView
The trader has a “strong belief” in rising trades
Cointelegraph Markets Pro and TradingView data showed that BTC / USD finally outperformed resistance at $ 37,500 on Wednesday, hitting local highs of $ 38,090.
Questions were even asked as to whether $ 30,000 would remain as support, with a possible further fall in prices by $ 20,000 or worse.
However, with the latest gains, the mood improved markedly.
«Important update: last week I showed the bearish pennant and what the possible scenarios are … We have just reached a new high, which means that BTC is going up 5 legs in this current movement and is opening the doors for more advantages, ”said the popular trader Crypto. Ed tweeted in his latest update of the day.
“I firmly believe that we will rise in the coming days.”
Crypto Ed was one of the traders who called for a bullish continuation for Bitcoin instead of a collapse in case the $ 37,500 resistance was firmly canceled.
That level represents a “line in the sand” for bulls, Cointelegraph reported, and changing it to support would pave the way for crucial higher levels at $ 40,000 and $ 42,000.
BTC / USD (Binance) buy and sell orders from 2 June. Source: Material Indicators / Twitter
Bitcoin must be “micro bullish”
Trader Rekt Capital was cautious, arguing that the recovery needed “sustained” bullish activity to avoid defeat.
He highlighted a pattern called the “death cross” that approaches the weekly chart, indicating a disadvantage in the form of two moving averages, the 50-week and the 200-week moving average, which intersect.
“A BTC Death Cross may or may not occur in the coming weeks. But that doesn’t mean BTC can’t recover from current levels before that date, ”he told Twitter followers.
The move was significant for hodlers, who had seen the momentum fail to take Bitcoin above the lower end of its broad trading range with $ 30,000 in support.
“In fact, a sustained upward reaction is needed for the Cross of Death to disappear. BTC must be micro bullish to dispel any macro bearish trend.
At the time of writing, the BTC / USD was trading at around $ 37,800, up 3.5% in the last 24 hours.