According to KOL Cred, BTC needs to break this level to continue the uptrend
A prominent analyst is drawing a strong bullish trend for Bitcoin (BTC) as it shows signs of strength after a multi-month downtrend.
In a new video, the analyst, nicknamed Cred, says Bitcoin is trading in a wide range between $35,000 and $58,800, with a midpoint around $46,930.
After Bitcoin respected the $35,000 support, Cred warned that the benchmark cryptocurrency is currently facing strong resistance around the $46,930 mid-point.
“You can see on the chart that the $44,000 – $47,000 area is a very strong resistance area, it includes weekly, monthly resistances and high time frame moving averages.”
The source: Credibility/YouTube
Cred stressed that Bitcoin’s reaction to the midpoint of the range is crucial as it will likely determine whether BTC maintains momentum or corrects to range support.
“BTC needs to break this zone” [$ 46.900] to continue the uptrend to the top of the range [$ 58.800]. Otherwise, it could revert to the lower end of the range due to the loss of momentum.”
Cred also mentioned Bitcoin’s price action from November to January, when BTC fell from an all-time high of $69,000 to as low as $33,000 with no noticeable recovery.
In the analyst’s bullish case, he said BTC could also have a V-shaped recovery with no pullbacks.
The source: Credibility/YouTube
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Analysis
According to KOL Cred, BTC needs to break this level to continue the uptrend
A prominent analyst is drawing a strong bullish trend for Bitcoin (BTC) as it shows signs of strength after a multi-month downtrend.
In a new video, the analyst, nicknamed Cred, says Bitcoin is trading in a wide range between $35,000 and $58,800, with a midpoint around $46,930.
After Bitcoin respected the $35,000 support, Cred warned that the benchmark cryptocurrency is currently facing strong resistance around the $46,930 mid-point.
“You can see on the chart that the $44,000 – $47,000 area is a very strong resistance area, it includes weekly, monthly resistances and high time frame moving averages.”
The source: Credibility/YouTube
Cred stressed that Bitcoin’s reaction to the midpoint of the range is crucial as it will likely determine whether BTC maintains momentum or corrects to range support.
“BTC needs to break this zone” [$ 46.900] to continue the uptrend to the top of the range [$ 58.800]. Otherwise, it could revert to the lower end of the range due to the loss of momentum.”
Cred also mentioned Bitcoin’s price action from November to January, when BTC fell from an all-time high of $69,000 to as low as $33,000 with no noticeable recovery.
In the analyst’s bullish case, he said BTC could also have a V-shaped recovery with no pullbacks.
The source: Credibility/YouTube
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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