Bitcoin (BTC) gave $48,000 at its second barbecue on March 29 after a modest overnight correction that provided a welcome reprieve from the upside.

BTC/USD 1-hour light chart (bit-mark). Source: Trading View
The trader is “highly skeptical” of a break below $30,000.
It followed data from Cointelegraph Markets Pro and TradingView BTC/USD as it dropped to its local low of $46,900 before returning to $48,000 before Wall Street opened on March 29.

The pair maintained their support at the annual opening even as they consolidated, raising hopes that the 2022 Trade District has indeed collapsed.

Now acknowledging the need for more withdrawals in the ideal scenario, popular trader Crypto Ed said it was time for BTC to be “very optimistic” about moving forward.

“I hope for more today, but there is often too much demand in these beef markets,” he said in his latest YouTube update.

Zooming out, Ed saw that there was construction going on after last year’s summer low. While technically it could still reappear, there was a “strong suspicion” in such a situation and if a bullish continuation had occurred, the completion target would have crossed the current all-time highs.

“That gives me a goal of around $80,000,” he concluded.

At the time of writing, no signs of an intraday pullback were in sight as Bitcoin bulls fought for support at $48,000.

Supertrend is your friend
The search for trend confirmation has already begun among traders on March 29, bolstered by pressure beyond the range ceiling.

Related Topics: Bitcoin Is A ‘Good Buy’ At $47K Despite High Risks As Major Trendline Approaches – Study

Analyst Matthew Hyland should have noted the Bitcoin Super Trend indicator on a three-day chart.

Supertrend indicators use price range and volatility data to determine when an asset is in an uptrend or downtrend. They give a signal when a trend has already started and are therefore useful confirmation tools if used correctly.

Bitcoin has been on the sidelines throughout 2022 and its pullback from all-time highs triggered a three-day bear flag in early December.

“Bitcoin’s 3-Day Ultratrend Is Very Close To Up!” Hyland announced.

“We’ve been waiting since early December to see this green flash.”

Source: CoinTelegraph