Crypto Expert Urges Caution as Bitcoin (BTC) Price Action Tightens: Key Indicators to Monitor

2024-4-30 11:45

Trader and analyst AltCryptoGems (@AltCryptoGems) has provided a detailed analysis of Bitcoin’s price action, shedding light on the well-defined consolidation range it has been trading within for the past 60 days. In a tweet, AltCryptoGems highlighted the clearly demarcated levels of the range, including the range high, mid-range, and range low, which market participants have consistently respected.

Exercising Caution in Approaching the Range 

AltCryptoGems emphasizes the importance of exercising caution when approaching the range, advising against blindly buying Bitcoin simply because it is nearing the range low. Instead, the analyst suggests waiting for specific conditions to manifest before entering positions. Moreover, these conditions include a proper sweep of all the lows, a deviation back into the range, and a bullish market structure break.

To navigate the range effectively, AltCryptoGems recommends monitoring the 30-minute EMA200 for guidance on the lower timeframe trend. This exponential moving average has been acting as support and resistance in recent days, providing valuable insights into potential entry and exit points.

Uptrend Resumption and Funding Rates 

On higher timeframes, AltCryptoGems underscores the significance of the 4-hour EMA200 as a key indicator for a potential uptrend resumption. Conversely, Bitcoin is currently trading well below this level, suggesting that a strong bullish momentum has yet to materialize. Additionally, the analyst notes that funding rates across various trading platforms are positive, indicating that market participants are more exposed to short positions than long positions.

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Moreover, according to AltCryptoGems, market participation is relatively low, suggesting that most traders are likely adopting a wait-and-see approach to gauge how the consolidation will ultimately resolve. 

Furthermore, the analyst points out that there is limited liquidity below the current price level, with only a small cluster of orders observed below the untapped lows mentioned earlier.

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The post Crypto Expert Urges Caution as Bitcoin (BTC) Price Action Tightens: Key Indicators to Monitor appeared first on CaptainAltcoin.

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price action altcryptogems bitcoin well-defined shedding light

Источник: captainaltcoin.com

price action → Результатов: 126


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Аналитик рассказал о перспективах роста биткоина выше $46 000

О текущей ситуации на рынке рассказывает практикующий трейдер и основатель проекта Crypto Mentors Никита Семов. Price Action и объемы торгов указывают на принятие биткоином новых ценовых значений.

2021-8-11 20:37


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2021-1-30 21:00


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Bitcoin May Need “Life Support” as Bulls Try to Defend Key Support

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