Benzinga - A pseudonymous crypto analyst and trader said on Thursday that the bullish sentiment is once again on the rise for Bitcoin (CRYPTO: BTC), the flagship crypto.
What Happened: By observing swing failure patterns (SFPS) forming in the daily charts of BTC in a downtrend, Bluntz believes that Bitcoin is about to overcome crucial resistance levels and experience a major bullish run.
For those who aren’t familiar, a swing failure pattern is a technical analysis tool that suggests a reversal to the upside in a downtrend or a reversal to the downside in a bullish run when a certain pattern occurs.
“I don’t think now’s the time to be short, that was weeks ago,” Bluntz advises his Twitter followers.
solid sfps forming here on daily for #btc and most majors.i dont think nows the time to be short, that was weeks ago.
i think we bounce here but ill be keeping a very close eye ont he next resistances which for me are 28.3k and 29.5k pic.twitter.com/5GEhPMLhWE
— Bluntz (@Bluntz_Capital) May 17, 2023
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Why It Matters: While the analyst is optimistic about BTC’s potential, he’s also keeping a close eye on the next resistance levels that lie ahead. For Bluntz, these levels include $28,300 and $29,500.
Data from Coinglass revealed that the crypto market has seen over $25 million worth of BTC long liquidations, and over $6.39 million in shorts in the last 24 hours.
Bitcoin (CRYPTO: BTC) reached a high of $27,500 on Thursday before experiencing a brief pullback in the early afternoon, causing the king crypto to dip to almost $26,400.
Read More: Bitcoin, Ethereum, Dogecoin Fall Amid Regulatory Uncertainty: Analyst Predicts Apex Crypto Set To Plummet 50% This Year, But Says No Need To Panic
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