Veteran dealer Tone Vays is analysis Bitcoin’s actions amid a pointy and sudden downturn in the crypto market. Vays mentioned he is making an attempt to see if the main cryptocurrency can rebound rapidly.

Vays mentioned yesterday’s bitcoin sell-off was just like May 19, 2021 and March 2020 at the begin of the Covid-19 pandemic. However, he nonetheless believes it’s attainable that BTC may reverse and type a hammer candle, usually interpreted as a technical signal that an asset has bottomed out and is able to reverse.

“I’m fairly positive right now reminds folks of a few of these days like May nineteenth. And in fact you must return to March 2020 once we had the Covid catastrophe that introduced the price down from $ 8,000 to $ 3,000 …

I feel that is going to be a hammer, not a inexperienced candle, however a crimson candle. I can positively see a closing price above $ 49,000, if not $ 49,500, which is what a giant hammer candle makes … “

Unless BTC reverses and closes above $ 50,000 for the day, Vays is anticipated to see a interval of near-term consolidation.

“BTC must reverse instantly and climb to $ 55,000, like this week. Or the youngest peak has exhausted its dynamism. Then I might count on a consolidation …

I would not be stunned if the price rebounds and closes above $ 50,000, and when that occurs this can be very bullish. Because that signifies that all of the individuals who gathered with leverage and thought they have been making a ton of cash, squashed and liquidated which made them cease the loss and now they’re afraid of the loss.

Yes, an ideal requirement for Bitcoin to maintain rising in price. The greater right now’s closing candle is from this level, the extra bullish I shall be in the next two weeks. So if that candle bounces again and closes above $ 50,000, it will be $ 60.00 in the next week or two. “

Source: Ton Vays

Analyst Michaël van de Poppe can also be giving Bitcoin the next direction after a dramatic correction that price the crypto market greater than $ 500 billion.

In one Strategy meeting Recently, Van De Poppe mentioned that sudden crashes are nothing new to Bitcoin and he believes the market’s bullish construction seems to be intact.

“Adjustments are made in each cycle and likewise in the case of intraday bounces. So this chain response has to occur to liquidate all of the folks beneath. Every time a protracted is liquidated, FOMO needs to be kicked out to take away the newcomer from the market earlier than the reversal begins …

If we get $ 46,700 again, that construction shall be intact. This signifies that BTC is reaching a better low. $ 46,700- $ 47,000 is a really outstanding stage to me. If there’s a likelihood to shut above $ 49,000 – the earlier assist zone, I feel Bitcoin has ended that correction … “

Source: Michael van de Poppe

In addition to the largest cryptocurrency, van de Poppe additionally determines what’s next for Ethereum and Cardano.

Looking at Ethereum, the analyst identifies an essential space of ​​assist from which to proceed its uptrend.

“If Ethereum closes above $ 3,400, I’m fairly positive that the low is now and that it’s going to proceed to maneuver from right here. Looking again at the price construction, it turns into obvious that such washing-offs have occurred from the begin.

There have been crashes, a number of drops after which the market was reversed as a result of such a deep wick exhibits that the market is basically , which results in arbitrage stress. “

Source: Michael van de Poppe

As for Cardano, Van De Poppe mentioned it has sturdy assist at $ 2 and wishes to shut above $ 2.45 earlier than the uptrend can resume.

“Most likely, especially if Cardano closes above $ 2.45, the bullish momentum will continue.”

Source: Michael van de Poppe

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Annie

Bitcoin journal

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