After Binance Hack, Analyst Tradersz Is Short-Term Bullish On Bitcoin
Even though the Binance Smart Chain was hacked for $100M today, the fact that Bitcoin’s price is still around $20,000 could be a good sign.
In his popular live stream, “Bitcoin for Ledges,” TraderSZ has a short-term long bias that is aiming for $21,500.
Bitcoin has now closed three daily candles around the $20,000 level, and TraderSZ thinks that BTC is in a macro support zone at the previous bull market’s all-time high.
Since the BTC price is now staying around an area where it has been rejected for the last two weekly candles, which could be a sign of consolidation before growth, he expects the trend to keep going up.
On the weekly chart, TraderSZ used the high of the range, which was around $24,300, as a long-term goal and put stops above the high of $22,800.
He also thought that the price of Bitcoin would go up when CZ Binance tweeted about the BSC exploit, which is what happened.
How Hack Binance Smart Chain Was Hacked?
The price of Binance Coin (BNB) has dropped by 3% in the last 24 hours, but TraderSZ still thinks it will get back to where it was.
An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC. The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.
TraderSZ is known for shorting and being bearish, so his current bullish outlook – at least in the short term – is newsworthy.
TraderSZ also looked at charts of the S&P 500 and said that a bear market rally could push the SPX as high as 4,300 while still staying within the overall macro bearish trend that has been seen so far in 2022.
The US NFP, or non-farm payroll report, will show new information about jobs on Friday. The price of Bitcoin could go up and down because of this.
Yesterday, the number of first-time jobless claims was high. This is bad for the DXY and could be good for Bitcoin, said trader Alpha BTC on Twitter.
