On May 16th, Bitcoin managed to surf on the $27l mark with traders remaining upbeat about the continuation of the price upwards. Data from cryptocurrency aggregator websites indicated the continuing focus of the BTC/USD pair on the mark of $27k. The previous day’s daily close had seen the price slide to $26870.
$24K Bitcoin Price Still A Consideration
However, due to the lack of direction, Bitcoin traders were hoping for one of two scenarios: the pair trying to get out of the narrow range or get close to levels that are more important downwards or upwards. For Crypto Ed, a popular trader, possible targets included a “gap” created over the weekend in the futures of CME.
In his most recent update on YouTube on May 16th, he said that everything is dependent on the action taking place in the downward timeframe, where it is at present. He added that the upward timeframe does not exactly create a lot of excitement. The gap in the CME towards the lower side exists between $26.5k and $26.8k. As such, it is slightly below the lows seen by Bitcoin overnight.
The trader added that a rebound succeeding that gap can take Bitcoin’s price back up to the heights of $28k – its highest in the range. However, there is also a possible downside where the price can sink to $24k to this action. Other participants in the Bitcoin market were no less cautious. Trader jackis described the situation of Bitcoin as being extremely difficult to analyze in the present circumstances.
On May 16th’s analysis on Twitter, Crypto Ed ended by saying that he personally thinks there will be a continuation over the week but a breakdown every day. As such, there still remains a chance that higher levels will be attained if traders go by weekly timeframes.
