Bitcoin (BTC) is again trading around the $60,000 psychological level, encouraging both bullish and bearish analyses in the market. While the leading cryptocurrency decides its direction, traders and investors look for the next buying before a bull rally starts.
In particular, Bitcoin’s trading expert CrypNuevo posted his “Sunday Update” on August 18, highlighting potential movements for BTC price.
First, the analyst expects Bitcoin to briefly break out from a descending broadening wedge chart pattern spotted by different traders. Finbold has already reported two analyses that mention this pattern, one eyeing the $100,000 mark and the other warning of downside potential.
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CrypNuevo foresees a potential deviation from the pattern to “trap breakout traders,” nearing the $62,000 price level. He is then biased toward the short-term downside potential after this expected bull trap, driving prices to sub-$54,000.
Bitcoin (BTC/USDT) 4-hour price chart. Source: TradingView / CrypNuevo
Bitcoin’s two potential buying opportunities
Zooming out, a higher time frame chart indicates that this move could create a “potential spot buy opportunity.” For that, the analyst relies upon his “fill the wick” strategy, which has shown relevant accuracy in past trades.
Notably, he spotted two potential wicks in different time frames, setting his targets to press the “buy” button. One target is at $53,600, and the other fills 50% of the one-week and one-day charts at $51,500. However, it is possible to see sub-$50,000 prices if the market makers aim for 100% of the wick.
BTC has enough liquidity to seek $73,000 soon
Despite a bearish short-term forecast—that could happen this week, ahead of Jerome Powell’s speech at the Jackson Hole meeting—CrypNuevo holds a mid-term bullish bias, potentially leading Bitcoin’s price to its current all-time high at $73,000.
This is because BTC has significant liquidity pools at $63,000, $67,000, $70,500, and $73,000. Looking for liquidation pools is another proven strategy by this analyst, with historical accuracy for setting targets.
According to CrypNuevo, Bitcoin will likely pursue these targets up to its all-time high of $73,000. Before that, however, BTC may revisit lower levels at $53,600 and $51,500, creating the next buying opportunity for smart traders.
On the other hand, cryptocurrencies are highly volatile assets that require caution while trading. Even expert traders with a good track record can make mistakes and be surprised by unexpected moves in this market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
