In Bitcoin (BTC), analysts have identified the next entry zones to watch out for. Analyst Richard Branson says, “Job opportunities are like buses; there’s always someone else coming,” he says, and that goes for Bitcoin as well. For details cryptocoin.comKeep following.
Missed entry opportunity for Bitcoin?
As Bitcoin approaches its April high of $64,854, this presents another breakout moment for the entire crypto market, with some circles preparing for the worst in anticipation of a massive drop. Worse still, novice investors are the most vulnerable group as they flock to buy tops when FOMO kicks in. There is a reason why seasoned traders always follow the “look left” rule before buying an asset. April’s all-time high of $64,854 is the most critical hurdle that must be broken for Bitcoin to hit new highs.
Scott Melker, popularly known as “The Wolf of All Streets”, rules out the possibility of a double top formation as a 50% drop from the confirmation neckline during June lows could send Bitcoin to roughly zero. However, it lives up to the fact that the bottom of $28,800 is still a reality in the current situation should the price choose to play in a certain range. The analyst said, “There are no double peaks. There is no potential double peak. Even if it does, you can’t trade it up to $28,800,” he says.
Another technical analyst, Gareth Soloway, says buying April highs would be suicidal, as anything could happen below this resistance. Instead, he claims his decision to go long will be informed by the price breaking and “closing” above ATH. Says the analyst: “Many wild bulls continue to go crazy, but after all, 65k is a critical level. Be careful as this hype is based on the #Bitcoin futures ETF entry. 65 thousand have not been bought so far, let’s watch the price action until next week”
Reference to declines in accumulation
Accumulation dips are basically price consolidation patterns that occur after the price rises before rebounding after reaching certain levels as early buyers take partial profits or completely liquidate their long positions. These sideways patterns are often more pronounced, giving long-term buyers opportunities to accumulate. As seen in the chart below, Bitcoin has a moment of “breathing” after price increases, creating price squeezes shown within the white border lines. Buying after the price moves up from these patterns minimizes the risk of buying too early or getting caught in a bull trap.
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