A crypto strategist who accurately called Bitcoin’s collapse below $80,000 believes that BTC’s long-term uptrend will remain intact if it stays above a key price area.
In a new strategy session, pseudonymous analyst Cheds tells his 49,800 YouTube subscribers that Bitcoin appears to have broken out of a W pattern on the four-hour chart.
A W pattern is typically seen as a bullish reversal structure, as it suggests that an asset has printed a price floor after bouncing from a key support level twice.
“We had a break of the W and then a throwback, a throwback being a bullish retest from above. This looks pretty conducive, and this type of price action tells me, ‘Okay, we might be front running $72,000.’
Giving me a little bit of a confidence was a shift in equities markets, and the idea that price was at the MA (moving average) 50, and that’s been support.”
Cheds also says that Bitcoin will likely see higher prices as long as its immediate support level between $78,500 and $81,000 holds.
“Regain $81,000 and we’re back in business… Back above $81,000, we’re back with the idea of regaining that low time frame pivot corresponding with the high time frame support at the MA50, and with the idea that the bulls are going to recapture the trend, which is the rising MA200.”
At time of writing, Bitcoin is trading at $85,301.
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