Cryptocurrency trader Kevin Svenson recently took to Twitter to share his thoughts on Bitcoin’s (BTC) technical situation. According to Svenson, investors and traders who are panicking about the lower time frame charts should shift their focus to the larger time frames instead. He believes that BTC is currently in a series of exponential higher lows and that a parabolic trend could form on the larger time frame charts if the current trajectory continues.
Another crypto trader, Ali, also tweeted about BTC. In a tweet yesterday, Ali identified two key levels that traders and investors should keep an eye on to better understand the short-term direction of BTC. Ali stated that around 1.85 million addresses bought 650K BTC between $27,400 and $28,315, while 1.37 million addresses purchased 530K BTC between $29,260 and $30,130. Ali added that the range between $27,400 and $28,315 is currently a support zone for BTC, while the range between $29,260 and $30,130 is acting as resistance.
At the time of writing, BTC’s price is trading slightly above the support zone identified by Ali at around $28,610.77, according to CoinMarketCap. BTC’s price has pulled back slightly over the last 24 hours and experienced a 2.35% decrease over the period. However, BTC’s weekly price performance remains in the green at +4.13%.
BTC’s price was able to establish a daily high at around $29,952.03 in the last 24 hours. However, the resistance zone identified by Ali forced the market leader’s price to retrace to its current level. It remains to be seen what BTC’s short-term price action will look like, but traders and investors will likely be keeping a close eye on the support and resistance zones identified by Ali.
As always, readers are advised to do their own research and due diligence before making any investment decisions. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency or organization.