Bitcoin wicks down to $26.5K, but trader eyes chance for ‘bullish surprise’
Bitcoin (BTC) bounced near multiple support trend lines into June 2 as market indecision remained in force.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $26,519 on Bitstamp after the daily close.
The pair showed little signs of trend change as a stalemate between bulls and bears continued to produce little volatility.
The collection of moving averages (MAs), as well as the short-term holder (STH) realized price, near $26,000 thus stayed untested on intraday timeframes.
Analyzing the current setup, popular trader Crypto Ed considered the potential for upside topping out at $27,500.
“I do think we go down, but as long as we do not break that $26,000, there is a chance for a bullish surprise,” he said in a YouTube update on the day.
To break the current impasse, Crypto Ed continued, Bitcoin would nonetheless need to tackle the area above $27,600.
“Now I think we bounce back toward $27,500 — resistance of the previous range high — and from there I will be looking for, possibly, shorts toward $25,000,” he confirmed.
$BTC / $USD - Update I remain short while we are below $27,500 legends. No change in my play here, as only ETH is taking the stage right now pic.twitter.com/UQlP7heLxP
Fellow trader Crypto Tony likewise urged caution until $27,500 returned. His focus was on largest altcoin Ether (ETH), which rebounded from lows of $1,840 at the May monthly close to hit $1,897 on the day.
"Now i have gone over the structure and we really are not bullish unless we flip $2,000 into support," part of Twitter commentary nonetheless warned.
An accompanying chart presented a target of $1,700 or lower should the $2,000 mark fail to flip.
Elsewhere, others argued that time was ticking for Bitcoin price to break
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