- A technical analyst used BTC trend context and on-chain data to predict whether to go long or short.
- BTC experienced a massive spike on the fifth; it rose from $30.6K to $34.7K.
- BTC regains its lost uptrend gradient but it won’t be able to hold that shape for long.
Technical Analyst CryptoSoulz expounded reasons as to what made BTC spike by 25% during the last 5 days, in a tweet. The analyst supplemented his reasoning on the on-chain data and the context of Bitcoin’s uptrend. Based on that, CryptoSoulz advised his followers to either short or go long.
Why did $BTC pumped +25% on the last 5 days?In this THREAD I will explain;
1. Take a SHORT or LONG position in $BTC from here?
2. On-chain data to back up your analysis.
3. Context of #Bitcoin uptrend.
(1/8) pic.twitter.com/ivmPkxbYQo
— CryptoSoulz (@SoulzBTC) October 25, 2023
In the thread, the analyst requested his followers to short BTC as he was tentative about BTC testing the key resistance is placed at $37,330. When looking at the weekly chart below, it could be seen that BTC was gaining value throughout the week except for the few retracements it went through.
BTC/USDT 1-Week Chart (Source: CoinMark…The post Crypto Analyst Unveils Reasons for BTC’s Spike by 25% in 5 Days appeared first on Coin Edition.