Bitcoin (BTC) held steady at the June 20 Wall Street open as nervous traders waited for a short-term trend decision.
Trader flags Bitcoin “macro bottoming period”
маалыматтарды Cointelegraph Markets Pro жана TradingView showed BTC/USD climbing to just shy of $21,000 at the time of writing, a three-day high.
The weekend had spooked the majority of the market and liquidated speculators with a trip to $17,600, marking Bitcoin’s lowest levels since November 2020.
Now, with United States equities cool at the start of the week, comparative calm characterized the largest cryptocurrency.
“Nice reaction off of the bottom of our 16K–20K demand zone,” popular trading account Credible Crypto жорум on the weekend’s price action.
“12 hours of bleeding erased in 2. No confirmation this is the reversal yet though. Focus on key HTF levels and don’t get too caught up staring at the red 5-minute candles — they can be erased in an instant.”
When in doubt, zoom out
— Крипто Тони (@CryptoTony__) Май 20, 2022
The idea of focusing on HTF, or higher timeframe price structures was shared by various commentators as the week began.
“BTC is in a macro bottoming period for this cycle,” fellow trader and analyst Rekt Capital уландысы.
«Кийинки жылдарда инвесторлор бул жерден сатып алганы үчүн сыйлык алышат. Ошентсе да, көптөр дагы эле $ BTC сатып алуу үчүн андан да төмөн түшүп күтүшөт. Бул жайдын келишин күтүп жаткандай, акыры сыртта 33C, бирок азыр биз 35C деп үмүттөнөбүз.
Rekt Capital additionally described a $20,000 BTC price as a “gift” to buyers.
“BTC data science shows that anything below $35,000 is an area that has historically yielded outsized ROI for long-term Bitcoin investors,” part of a tweet on the day окуу.
On-chain analytics resource Whalemap meanwhile highlighted dip-buying by major investors at levels below the seminal $20,000.
Дем алыш күндөрү таштанды таштоочу жайда киттердин жаңы деңгээли пайда болду.
Топтоо абдан чоң, > 100k BTC жана 18-июнда болгон.
Ага чейин, 2018-жылдын декабрындагы биткоиндердин чоң бөлүгү мурунку 4к түбүнөн жылган ... OTC болушу мүмкүн
Улуу кыска мөөнөттүү колдоо окшойт pic.twitter.com/rJbV26ZifG
- whalemap (@whale_map) Май 20, 2022
PlanB: Bitcoin is simply “oversold”
Bitcoin heading below its prior halving cycle all-time high, meanwhile, increased pressure on the popular stock-to-flow (S2F) BTC price models — and criticism of them.
байланыштуу: Акциялар үчүн "эң начар квартал" — бул аптада Биткойндо 5 нерсени билүү керек
As market analyst Zack Voell openly called S2F a “scam” on social media, quant analyst PlanB, its creator, maintained that the theory behind it remained sound.
“Most indicators (S2F, RSI, 200WMA, Realized, etc.) are at extreme levels,” he түшүндүрдү in part of a Twitter post on June 18.
“Does that mean that all indicators are ‘invalidated’ ‘debunked’? No. Investing is a game of probabilities and indicators give situational awareness: BTC is oversold.”
Voell’s comments had come after BTC/USD dipped below the second standard deviation band relative to the S2F predicted price for the first time.
Bitcoin өлгөн эмес.
Бирок Stock-to-Flow шылуундугу такыр ушундай. pic.twitter.com/ZYZ0NR8n92
- Zack Voell (@zackvoell) Май 19, 2022
As PlanB noted, Bitcoin’s relative strength index, or RSI, was at its lowest level in history over the weekend. A classic overbought vs. oversold indicator, RSI essentially suggests that BTC/USD is trading much lower than its fundamentals warrant, based on historical context.
Бул жерде айтылган көз-караштар жана ой-пикирлер автордун гана көз-карашы жана Cointelegraph.com сайтынын көз-карашын чагылдырбайт. Ар бир инвестиция жана соода кыймылы тобокелдикти камтыйт, чечим кабыл алууда өзүңүздүн изилдөө жүргүзүшүңүз керек.
Source: https://cointelegraph.com/news/btc-price-recovers-to-3-day-highs-as-new-whale-support-forms-at-19-2k