It's Time to Make or Break Bitcoin - BTC has one last chance - Top Analyst Says
A closely watched crypto strategist is issuing a warning that it's time to "do or die" for the crypto king Bitcoin (BTC).
Analyst Pseudonymous Cred says that Bitcoin is currently trading in a wide range between $18,000 and $22,000, with a midpoint around $20,300.
According to Cred, Bitcoin’s recent rally has allowed the crypto king to break above the midpoint of the range. However, he is concerned that Bitcoin is spending a lot of time slightly above $20,300, suggesting that BTC bulls are having a hard time maintaining bullish momentum.
“I'm not an instant fan the market just turned around, stuck in the middle of the biggest period of time ($20,300), peaked at $21,000, and then came back to retest the breakout ($20,300). The best shoots are those that have just been plucked and gone. In this case, it slowed down in an area where I didn't expect it to slow down... There's no real-time, space, or build a gap between the break and retest. All in all, I'm not a fan of those types of structures. "
According to Cred, Bitcoin will be in big trouble if it closes below the $20,300 price zone in the daily timeframe. The crypto strategist emphasized that if the crypto king corrects below the key price zone, the Bitcoin market structure will decline as the recent rally will likely be seen as a major trap for the bulls. BTC.
“[The move above $20,300] turns out to be a failed breakout or deviation. If the market closes around here ($20,200) and is accepted below the range boundary again, [price action above $20,300], then this ends up as your excess or deviation. and then head to the other side of the range, which in this case would be a low of $18,000 or $19,000. "
Cred says that while the $18,000 range has provided good support for BTC in recent months, he believes the demand area will likely no longer hold if Bitcoin sees a sell-off event. other.
“My personal opinion is how long have we spent in this low range ($18,000)… We spent all the time in the world making $19,000 or longer. I'm not sure that level will survive another test after an unsuccessful high [breakout] period... This $23,000 is a survival zone. "
At the time of writing, Bitcoin is changing hands for $20,500, unchanged for the day.
Nov 03, 2022