Top Crypto Strategist Details Bullish Scenario for Bitcoin As BTC Surges Above ,000 – The Daily Hodl-HDmoviesfreedownload

A closely tracked crypto analyst is mapping out a potential scenario for Bitcoin (BTC) to trap bears and rally above $30,000.

In a new strategy session, pseudonymous analyst Cred says that while Bitcoin still looks bearish, he sees a setup where BTC ignites a “meaningful” rally.

“At its simplest, what this would look like is a weekly close back above the 200-week moving average, which is at around $22,000 or thereabouts. Should that happen, all this activity [below $22,000]  – all the selling, fresh positioning, existing positioning, whatever you want to call it – will be offside.

I think that would set up for a visible, meaningful reversion higher. And by visible and meaningful, I mean even just a few weeks of green candles. 

There has been absolutely zero relief in this entire downtrend.” 

According to Cred, Bitcoin has nosedived from $48,000 to $17,000 over the last few weeks with incredible bearish momentum. However, he says the recovery of the 200-week moving average at $22,000 could abruptly swing the momentum in favor of BTC bulls.

“The weekly timeframe is in area of support, as you can tell by trading the $20,000 handle. The weekly close hasn’t been terribly constructive below support [200-week moving average], which at face value is bearish. If it is going to be bullish, we need a weekly close above this level [$22,000] to mark this price action as a failed breakdown, and then we can aim for a reversion higher…

What would the target for that be? I think to some extent it would require retracing much of the selling that took us here – a lot of this one-sided inefficient price action. On the weekly timeframe, my eye is drawn towards as far as it may seem at least the previous range low, broken support, turned resistance at $32,000.”

At time of writing, Bitcoin is changing hands for $21,310, a little over 3% away from reclaiming the 200-week moving average.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Marina Korniienko/Krasovski Dmitri

By bobby

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