One crypto analyst warns that Bitcoin (BTC) is likely on the verge of leaving the station without giving traders any more good entries.
Pseudonymous analyst Credible Crypto tells his 346,000 followers on social media platform
However, the analyst say that Bitcoin’s current market structure is different from 2019’s price action, in that the rallies came much more slowly after building a good base, rather than the sudden parabolic advance of 2019.
“The move from $3,000 to $14,000 (bottom) was a parabolic advance and these are often followed by major crashes/corrections once the parabola breaks (a common percentage drop expected is 80+%), hence the very deep retracement.
Our current move is not parabolic at all, which is another reason why I believe those looking for a move to $20,000 or lower will be left behind.
The parabolic part of this current movement is yet to come. BTC.”
Credible says that if Bitcoin is indeed at the beginning of a major move to the upside, BTC should not fall below $26,370, where the low-frame momentum began.
“So far, our local impulse is going well. Here’s some more context:
We are currently trading above our mid-range, a level that has had some very clear and significant interactions with price over the past month…
We know that if this low timeframe impulse is the start of a much larger impulse, the price should not move below its origin – indicated in the chart below.
So while we remain above the mid-range, our next target is the range highs, with an initial sign of weakness at a mid-range loss and a clear invalidation below at the origin of this low time impulse.
At the time of writing, Bitcoin is trading at $28,029, very close to the analyst’s high target.
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Generated image: Midjourney