Bitcoin trader predicts end of dip within weeks as BTC price adds 3.5%
Bitcoin (BTC) held a snap rebound on May 18 as analysts hoped that further upside would come next.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it circled $27,400 on Bitstamp.
The pair had made swift gains toward the prior day’s Wall Street open, these topping out at 3.5% versus the day’s lows.
Amid changing signals on exchange order books, popular trader Skew was hopeful for continuation.
“Price swept the pre-emptive swing low, which was enough liquidity to push up higher,” he summarized in part of Twitter analysis.
Skew continued that while macro conditions were overall causing friction for BTC price performance, largest stablecoin Tether pledging regular BTC buys should be a “positive headwind.”
Cumulative volume delta (CVD) meanwhile showed increasing momentum in a further sign that Bitcoin price might sustain its newfound strength.
“Looking for sustained buying momentum by spot else scalp short,” Skew added.
On-chain monitoring resource Material Indicators tracked the action on the Binance order book, with the price uptick coinciding with an increase in volume from the largest class of Bitcoin whales.
If you've been following for more than a minute, you've seen me say that Purple whales have historically had the most influence over Bitcoin PA. Here's a text book illustration of that on the W chart.Learn more about FireCharts here https://t.co/cLxkExkPmX pic.twitter.com/1I5JKGstCt
As ever, not everyone was convinced about the uptick’s longevity. Among them was popular trading account TraderSZ, which began the day closing out a long BTC position.
“Think the bounce is done,” part of accompanying commentary stated, anticipating a return to downside.
As Cointelegraph reported, shorter-term and longer-term
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