A closely watched crypto analyst identifies a level at which Bitcoin (BTC) could regain bullish momentum.
Pseudonymous trader Cheds tells According to its 340,100 followers on social media platform
“BTC recapturing $96,000 would really kick things off.”
In a new YouTube video, Cheds explains the relevance of the $96,000 area for BTC. The trader says a move above the key price level would generate bullish momentum for Bitcoin.
“The reason I said that is from a momentum perspective, that would mean a retest of the previous range peak and then you would jump back to the top of the range and recapture lost support where price initially tried to reach that first level to hold. level here at $96,000.”
Although Bitcoin is falling, Cheds says BTC has been sending a similar signal since late October, when the crypto king started rising from $60,000. Cheds notes that the results indicate that BTC is consolidating ahead of new upside bursts.
“BTC one hour [chart]: Note the consolidation of price now below a 200 rising moving average, relative to previous reversals in this broader $60,000 push.
This helps put the current price action into context.”
Should Bitcoin continue to correct, BTC’s moving average of 200 on the four-hour chart could act as support, according to Cheds.
“BTC has not reached the four-hour moving average in the 200s since $61,000.”
If we get a deeper retracement, that will come into play.
(Blue line below).”
At the time of writing, Bitcoin is trading at $92,285.
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Generated image: Midjourney