A Bitcoin trading specialist is in the crypto news today, seeing six potential bullish signs for another rise of the most dominant coin. As you probably know, bulls are still king as the market signs point up. According to filbfilb who is always featured in the latest BTC news and updates, Friday’s futures expiry could spell trouble.
As he elaborated, the cryptocurrency can still top $13,000 and higher as a series of “non-events” still leave bulls in a powerful position. According to data from the markets, the BTC/USD pair has been climbing towards $11,500 on August 28 and one analyst said that this level is crucial to reclaim in order for the gains to continue.
DXY/Gold/Silver/Bitcoin & Deviation which shook out a lot of BTC longs last night as the position reverts to the knee jerk Fed reaction.
Still seeing a lot of absorption in the BTC market; far from out of the woods but if this falling wedge breakout target is range resistance. pic.twitter.com/FYaNHrSwhq
— f i l ₿ f i l ₿ (@filbfilb) August 28, 2020
In an update to his subscribers on his Telegram channel, the Bitcoin trading specialist filbfilb said that despite the volatility in the previous day, he is still pro Bitcoin and hopes for a rise. As he elaborated:
“In context of the weekly chart, 11k appears to be holding as support but a close above the key 11500 support/resistance level would be the immediate objective to remain relatively comfortable in the overall bullish re-accumulation idea.”
The concept, as he said, has some lofty targets. However, the Bitcoin trading specialist said that the monthly pivot is at around $12,925 and the monthly resistance from 2019 which saw Bitcoin hit $13,870 recently.
Nonetheless, he said that all of these signs were positive and dismissed any concerns over the Fed’s inflation speech as well as other bearish signals for the dominant coin. As he explained, he “remained long yesterday for a few main reasons” and elaborated on them:
“Negative futures premium, no lower low close, sheer panic on (crypto Twitter) and calls for 9k, no break of overall support and because the price action on gold and silver to which we have been heavily correlated practically tick for tick, reversed ahead of BTC which continued dumping.”
The speech was described by him as a “non-event” which appeared to have been already priced in by the markets. Looking ahead, the Bitcoin trading specialist said that only Friday’s futures settlement could spell a period of volatility and challenge the overall upsides.
“Today we have August Futures closing which may result in volatility this afternoon so watch out for some action this afternoon,” filbfilb added.
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