Bitcoin (BTC) volatility is again overdue and one analyst is favoring an “impulsive” move towards $50,000.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader: “Chill and wait” for Bitcoin breakout
While the event’s lows of $42,800 have not been retested, a breakdown is not off the cards, popular trader Crypto Ed says.
“Looks like a bullish pennant to me…Impulsive bounce followed by consolidation,” he summarized alongside an updated chart Wednesday.
“Chill and wait for the break out. Wrong when it breaks down.”BTC/USD scenario. Source: Crypto Ed/ Twitter
With expectations thus skewed to the upside, fellow trader and analyst Rekt Capital eyed an ongoing retest of Bitcoin’s 50-day exponential moving average (EMA) as a potential game-changer.
“This is the