Ready for Bitcoin's monthly close? BTC price is doing nothing but flatlining.
Elizy eyed a potential upside target of up to $32,500 in the event of a breakout, while the loss of a key trend line below spot price would be cause to “become really bearish.”Fellow trader known as J focused on the monthly close, noting that BTC/USD now sat at a historically significant point based on behavior from throughout its current halving cycle.
“On the monthly, we can see Bitcoin has rallied into the 2021 lows, which is a major resistance + supply area,” he summarized. As part of the longer-term roadmap, the largest cryptocurrency should see “Chop + slightly down during May - Sep/Oct,” J added, before performance picks up.With little to work with on lower timeframes, others also resorted to examining strength on the weekly chart and higher.Among them was analyst Moustache, who noted support holding above key exponential moving averages in a manner similar to that which preceded major upside in previous years.
“Imagine being bearish on BTC even though it has been forming support ABOVE the EMA ribbon bands for several weeks. Good luck bears,” he
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