Traders claim that Bitcoin price “D-day” started “at any time” because BTC recovered key prices

Bitcoin (Bitcoin) Near the end of the consolidation period, traders are betting that the transaction will trigger a new bullish breakout.

in a tweet On Tuesday, popular trader Crypto Ed became the latest voice in the expanding bullish trend of lower BTC price levels.

Data: D-day of Bitcoin price starts on Wednesday

Since reaching $30,000, BTC/USD has consolidated in a wide range and printed higher lows and lower highs in a shorter time frame.

This narrowing wedge on the chart has a logical end point where the volatility actually becomes zero, and historically, this has resulted in a large upward or downward shift.

“A rebound is expected now,” Crypto Ed concluded.

“If you do this, I think we will break through in the next few days.”

He added that failure to erupt may have the opposite effect, which is a tribute to those people. Already warned There may be a new bearish decline, down to $20,000.

At the same time, checking the hourly chart can determine the moment of success or failure of Bitcoin on Wednesday, at which time the recent market trend should be determined.

Trader Lark Davis “expects volatility to rise by the end of this week” Add to.

After major price changes, the pattern of sideways trading eventually leads to a wedge and a breakthrough narrowing (called “compression”) to a peak. Classic chart phenomenon Bitcoin. This process is characterized for most of 2020, especially before the bull market really starts to make BTC/USD exceed its 2017 historical high.

The 50-day moving average is the classic support

At the same time, for Rekt Capital, after falling to $30,000, a basic long-term charting function is very interesting.

Despite the low overall level, Bitcoin’s 50-week exponential moving average (WEMA) has returned to support, and historically, this has been a key bull market sign.

“In an ongoing bull market, you may experience a very severe crash period, but as long as the crash period remains above the bullish momentum indicator (50 WEMA), we can maintain the bullish momentum and the price increase can then continue. Explained on YouTube Update on Monday.

Therefore, $30,000 may be just a “real big discount” rather than a bearish watershed for Bitcoin.

BTC/USD 1-week candlestick chart with 50 WEMA (Bitstamp). Source: TradingView