“After the falling wedge breakout, we are now back at the key resistance: $30,000,” part of the day’s analysis“Price seems to be stalling a bit, which suggests we may get some dip-buying opportunities soon. Watching $29,000 and $28,000 personally - ready to bid if we get it.”Analyzing the nature of the past days’ upside, meanwhile, on-chain analytics firm Glassnode argued that Bitcoin was doing nothing out of the ordinary.
“Historically, extremely tight trading ranges have preceded large, volatile moves in either direction,” Glassnode commented. “Thus the 30-day Bitcoin High and Low price range can be utilized as a prescient indicator for detecting incoming volatility, with the most recent rally being no exception.“This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
“Bitcoin looking at this scenario,” Michaël van de Poppe, founder and CEO of trading firm Eight, told Twitter followers. “I think, $28.500 is a great spot for longing, the lower the better, but I think that’s the zone where you want to get it before we’ll continue to $40,000.”
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