In a new strategy session, the analyst says it is likely that Bitcoin is currently eliminating a weak hand below $ 60,000 before exploding in an epic rally.
“The only important level is the week high of $ 59,000. BTC concluded about it. It’s a price hike. The market is trading lower right now, possibly pulling back to last week’s lows around $ 54,000, but given the positive closing price, a bear trap at that low and then a bounce above is more likely. The first difficult area is around $ 60,000 and then the all-time high. ”
Bitcoin 1W diagram. Source: Credo
The strategist believes Bitcoin has about a week to close above the high range around $ 60,000 and confirm a bear trap.
“In the most optimistic case, not only the rescue week, but also the monthly and weekly. The current price campaign is only a partial wick. ”
However, Cred said that BTC could trigger a sell-off event if it fails to regain key levels by the end of the month.
“But failure to regain key levels would result in a failed breakout on the monthly and weekly charts, closing a high in the previous area ($ 60,000), above and eventually below. In any timeframe, on any chart, whenever such a scenario arises – a real attempt to break out and get back in – the target will be the middle and bottom areas. ”
Bitcoin 1M chart. Source: Credo
According to Cred, Bitcoin’s inability to exit above $ 60,000 in November could result in a market reversal propelling the price towards $ 50,000.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Annie
According to Dailyhodl
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
A Supreme Court ruling weakens Chevron deference, potentially affecting SEC regulations. Due to reduced SEC…
The SEC sues Consensys for unregistered securities transactions via MetaMask, violating federal laws. Over $250M…
21Shares and VanEck have filed for a Spot Solana ETF with the SEC. If approved,…
Fetch.ai's FET assets will automatically convert to ASI tokens on July 1, 2024, as part…
VanEck Solana ETF application flags the risk of market price impact due to the top…
Despite equities rallying due to lowered US PCE Inflation, Bitcoin's price remained steady, with long-term…
This website uses cookies.