Bitcoin is on a ride that most people did not see coming, as the recent rally is rekindling the interest of people in cryptocurrency trading. Some traders are still observing if this rally has anything to do with the upcoming halving event, and they are looking with anticipation to see if this will continue post-halving.
However, institutional traders and 'whales' appear to be indifferent to such rallies and have maintained that posture for the past three years. According to Cointelegraph, some dominant whales have not attempted to cash out of any rallies that happened in the last four years.
The resilience demonstrated by bitcoin, and the recent rally may have inspired the creator of plan B, a popular stock-to-flow (S2F) model, to revise his price prediction of bitcoin. He stated earlier that bitcoin's price would hit $100,000 between 2020- 2024, but the forecast has been reviewed to $288,000. This new prediction aligns closely with the prediction of Tim Draper, who believes the flagship cryptocurrency would trade close to $250,000 within the same period.
While some stakeholders are bullish on bitcoin price movement, Joe007, a prominent bitcoin whale believes that there is no other rally after the recent one, as far as bitcoin halving is concerned. He believes that people are stacking bitcoin in anticipation of the halving, and they would sell off when they see that it was not such a big deal.
So which angle do you think is most likely? It seems that everybody makes their statement based on what they outlook of bitcoin, whether bullish or bearish. Therefore traders should not adopt such statements as trading advice, but rather, make trade decisions in line with their trading strategy.
BTC/USD
The pair decided to make a significant move today, after trading at close range for some days. With the bulls in control, the price surge past the $8000 resistance zone.
There is still a possibility for another rally past the $9000 range if the bulls maintain the price above $8,175.49. The relative strength index and the 20-day EMA of $7,366 imply that the bulls are in control.
However, if the bulls cannot retain the price above the $8,000, it would mean the buyers are not confident of entering the market at higher price levels. Traders can observe the market close for actions, and take profits if the price does not stay above the $8,000 range for long. A trailing stop loss of $7,400 should be maintained for long positions.
ETH/USD
Ether (ETH) is endeavouring to break out of the resistance line of the overhead channel. If the bulls can drive the cost over the channel, it will be an indicator of a rally closeby. The 20-day EMA ($181) is slanting up, and the RSI is near the overbought zone, which additionally proposes that the bulls are in order.
Over the channel, the main objective to keep an eye out for is $250. On the off chance that this level is scaled, the momentum can drive the price to $289.599.
Then again, if the bulls neglect to support the price over the channel, the ETH/USD pair can plunge to the 20-day EMA and broaden its stay inside the channel. The pattern will turn for the bears on a break beneath the channel.
Culled from an original aritcle by Cointelegraph.
