Consolidation after fresh ATH means now is the time to buy Bitcoin in “wildly bullish” conditions, says Vailshire Capital.
Bitcoin (BTC) looked set to retest previous all-time highs on Thursday as a fund manager called it a “great opportunity to buy.”
Bitcoin outlook “wildly bullish”
After increasing to nearly $65,000 on Monday, BTC started to consolidate in a new range as the buzz around Coinbase’s successful Nasdaq listing cooled.
Currently, the largest cryptocurrency traded at around $62,600, around $700 higher than March’s record of $61,700
This area, Vailshire Capital Management CEO Jeff Ross believes, should now set the scene for a support-resistance flip, which, if successful, will allow BTC/USD to increase more and now is the time to buy Bitcoin.
“Healthy retest of previous consolidation wedge ceiling. Macro view: Wildly bullish. On chain analytics: Wildly bullish,” he said on Twitter on the day.
“Opinion: Price should close above old ‘ceiling’ of ~$61,250, then surge higher. Great opportunity to buy before next leg higher.”
Sellers cool off under $70,000
A look at exchange order books looked to confirm appetite even among ardent sellers for allowing Bitcoin a few thousand dollars’ further growth on short time periods.
On Binance, sell orders were lined up first at $65,000, with a more notable band of resistance now in place at $70,000 and $72,000.
Those upper levels have long been the focus of analysts, with one even describing them as “destiny” for the near term.
Other on-chain metrics indicated sustained engagement from investors across the board, with the total number of Bitcoin wallet addresses containing 0.01 bitcoin or more passing 9 million for the first time.
Ethereum price traded close to $2,500 and formed a new ATH near $2,488. It is now correcting lower and trading below $2,450. An immediate support is near the $2,405 and $2,400 levels. The next major support sits near the $ level.
If there is a fresh increase, the bulls could face resistance near $2,455. Any more gains might open the doors for a test of $2,500.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is down over 5% and it is trading below the USD 550 level. If BNB continues to drop, the price could test the $525 support level. Any more losses could lead the price towards the $500 zone. On the upside, the price might see sellers near the $562 and $565 levels.
Cardano (ADA) is holding gains above the $1.42 and $1.40 levels. If the bulls cannot protect $1.40, the next stop could be $1.32. On the upside, an initial resistance level is near $1.485 level. The first resistance is near the $1.50 level, followed by $1.515.
Litecoin (LTC) is trading above the USD 270 support level. A downside break below the USD 270 level may possibly lead it towards the USD 255 and USD 250 levels. On the upside, a clear break above USD 280 is a must for a fresh rise.
XRP price is trimming gains and it even broke the USD 1.70 support level. An immediate support is near USD 1.65, below which the price might decline towards USD 1.58. If there is a new increase, the bulls must clear USD 1.75 for a fresh move towards USD 1.85.