A crypto -call that is known for doing timely Bitcoin calls that he sees a path for BTC to stay in a bull area, in the midst of rising bearish momentum.
In a new strategy session, pseudonymous trader Cheds tells his 49,800 YouTube subscribers that Bitcoin Bears have prevailed since BTC broke at $ 90,000 under his crucial level of support.
According to Cheds, Bitcoin Bulls must now defend BTC’s next support line to prevent a possible repetition of the collapse of the 2021 market.
“I still stay in the camp that we still have the momentum of losing [$90,000] Support, and it is very likely that we will continue and tag $ 72,000. And that is my basic store …
I just think it is likely that we will tag the previous reach. What we want to see in Bitcoin is that we want to see it keeping the SMA (simply moving average) 50 … We know that is important because it was something that played a major role in the top of 2021 when the price began to lose [SMA] 50. We don’t want to see that happening. “
In December 2021, Bitcoin went under the SMA50 and lost around 66% of its value, melting from $ 48,000 to $ 16,000 in less than a year.
About how Bitcoin may prevent him from having a similar fate, says Cheds,
“You can do that with a nice wick … A nice wick under the Bollinger band and a recovery, as an intraweek -recovery would be fun, where we close again above the SMA50, we tag and test and test and keep this earlier level ($ 72,000), then we can continue with the trend, the more high time trend trend trend bullish is …
So the best case for me would be a very fast test and recovery, such as a V repair, an overreaction movement. Something like we had maybe [in August 2024]The dip below and the recovery, so that we can test the earlier range without losing the MA50. In my opinion that would be the best case. “
A wick is a thin line that extends above or below the body of a candlestick. In the best scenario of the trader, a lower wick would suggest a huge buying pressure.
At the time of writing, Bitcoin acts for $ 75,795, more than 7% in the day.
https://www.youtube.com/watch?v=VU8GYNFI-E8
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Generated image: midjourney