A closely followed analyst believes Bitcoin (BTC) remains in a strong uptrend despite the growing bearish sentiment on the flagship crypto asset.
Pseudonymous analyst Cheds tells his 49,600 YouTube subscribers that he thinks Bitcoin’s uptrend will remain intact as long as BTC respects its immediate support at $90,000.
“It’s an uptrend. Price above a rising 200-week MA (moving average) is an uptrend and price holding support is an uptrend.
You want to be very simply bullish as long as the $90,000 zone holds. Again if that fails, I think we’re going to the low $70,000s for sure.”
Zooming out, the trader highlights that Bitcoin has held on to its gains after breaking out of the consolidation range between $50,000 to $74,000. According to the analyst, Bitcoin holding above $90,000 is a testament to its strength as BTC could technically break down and retest $74,000 as support.
He also notes that BTC bulls have shown multiple times that they are ready to defend the $90,000 price level.
“I can’t imagine wanting to bet against this trend, and it puts things into perspective for you. If you look at the large price range here ($50,000 to $74,000), the consolidation range and the advancement out of the range and how we’ve been consolidating here ($90,000 to $110,000), we’ve held all the gains.
It’s a very nice, neat and orderly bullish consolidation here. I think it’s illustrated nicely here on the three-day chart…
I don’t understand why people are really bearish at this point, especially before support breaks. I mean bulls have stepped in and declared demand time and time again at the bottom of this range ($90,000) and you have the environment of price with an uptrend. You want to just go with the trend.”
At time of writing, Bitcoin is worth $96,312.
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