bitcoin (BTC) surged above $23,000 again on Aug. 6, with new analysis predicting a potential upside of 20% or more.
The daily chart gives the trader a target of $30,000
After multiple attempts to break above the resistance above the range at $23,500, the pair still appeared to be stuck in limbo at the time of writing, but hopes for a bullish continuation were already there.
“I expect more volatility over the weekend,” on-chain monitoring resource Material Indicators wrote in part of its latest. Twitter update August 5.
“If the bear market rally can push BTC above 25,000, there is not much friction between 26,000 and 28,000. Losing the trendline would be bad for bullish hopes and dreams.
$28,000 would be more than 20% higher than the current spot price and would represent an almost two-month high.
The material indicators included a chart showing the mentioned trend line at $22,000 – around Bitcoin current realized price.
The chart further showed that the supply support is rising immediately below the point, while the major resistance is seen at $24,500.
Weekend trading traditionally triggers more volatile price action thanks to a lack of liquidity on stock market order books, which are dominated by retail traders while institutions and professionals stay away until further notice. to the new trading week.
Analyzing the daily chart, meanwhile the popular CROW trading account recorded even higher levels, revealing plans to only take profits at $30,000 as long as Bitcoin continues to make higher highs and lower lows. students.
keep it simple
The market structure is bullish, and I will remain bullish as long as we make higher highs and higher lows.
— CROW (@TheCrowtrades) August 6, 2022
“Weekend is all about range trading due to false exits,” Crypto trader Tony added.
“I like to identify the range and then play accordingly. Ranges are good at identifying true breakouts or false exits. You can play both.
Monthly RSI Hints BTC Price Comeback Begins
Regarding on-chain data, PlanB, creator of the Stock-to-Flow family of Bitcoin price models, again reported that the performance of the Relative Strength Index (RSI) was bullish.
ROI is a base metric which shows how BTC is relatively overbought or oversold at a certain price and in June reached its lowest levels ever.
Now rebounding, RSI could even signal the end of the 2022 bear market, PlanB suggested.
— PlanB (@100billionUSD) August 6, 2022
In a previous August 3 post, PlanB acknowledged that BTC/USD was still “well below” the daily stock-to-flow estimate of $83,475 for August 6 according to the automated calculator. Multiple S2F.
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