Because of its volatility, the Bitcoin market is a new market every day. The result is always surprising, no matter how well you predict the future. This time around, however, the situation seems a little different as Bitcoin may just have verified the performance of top analysts. The price of BTC rose on the 4-hour chart and did well on other time frames as well.
The wolf of all streets speaks
These were the thoughts of Scott Melker, called “The Wolf of All Streets”. He picked up the monthly chart in his latest analysis video and made some fascinating observations. BTC first broke the EQ line, or center line, on the monthly chart. From June 2019 to November 2020, the king coin had held its candles under the line for almost 17 months. In December 2020 the currency broke the line and is currently retesting the line for support. Melker made a prediction of where the coin would go from here. Milker said:
“Even if it went to the top of the channel (the top trend line) next month that would be $ 158,000, a month later it would be $ 168, 176, you see, it’ll take a couple of months … That brings us to this 230, 250, 280 a thousand goals ”
Bitcoin monthly chart | Source: Scott Melker, TradingView
On the daily chart, BTC broke the center line of the descending channel. The coin has actively pushed its way up and has managed to flip it over in support. The forward resistance will also be the 50 MA or the top of the channel.
Bitcoin daily chart | Source: Scott Melker, TradingView
Last but not least, the 4-hour chart showed a likely increase in the Wyckoff accumulation. Spring seems to be in place and $ 36,000 should be taken as support. Since this currently appears to be a break from the lows, such a move can push Bitcoin as high as $ 42,000.
Bitcoin 4-hour chart | Source: Scott Melker, TradingView
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Rekt Capital supports Melker’s prediction
The well-known analyst Rekt Capital also supported this forecast. He recently tweeted about the Bitcoin move that WEMA is keeping an eye on and how it could also create a potential bull market.
Let us now briefly turn to the 50 weekly exponential moving average (50 WEMA, blue).
This EMA has also proven to be a major source of support in the #BTC Bull Markets
See my previous thread on why it’s worth keeping an eye on the 50 WEMA: https://t.co/bPriAunVxR pic.twitter.com/Rgb3fRO5zV
– Rekt Capital (@rektcapital) June 12, 2021
With all of these potential protests, the latest statement by Congressman Bill Foster is worrying. He recently claimed that ransomware attacks, which are becoming more common, pose a threat to Bitcoin’s legal position. Foster added in a virtual event,
“I’m not here yet, but the prevailing opinion in Congress is that if you participate in an anonymous crypto transaction, you are de facto participating in a criminal conspiracy.”
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