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

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

15 minutes ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

44 minutes ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

2 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

3 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

4 hours ago

This website uses cookies.