A closely watched cryptocurrency analyst has identified levels at which Bitcoin (BTC) could regain bullish momentum.
False Trader Cheds say 340,100 followers on social media platform
“Once BTC gets back to $96,000, things will really start.”
In a new YouTube video, Chez explain Relevance of BTC’s $96,000 area. The trader said a move above key price levels would create bullish momentum for Bitcoin.
“The reason I said that is from a momentum perspective, which means retesting the peak of the previous range, then jumping back to the top of the range and causing the price to lose what it initially tried to hold. The level here is $96,000. ”
Although Bitcoin is down, Chez says the cryptocurrency is sending similar signals seen several times since late October, when the crypto king started rising from $60,000. Chez noted that this number suggests that BTC is consolidating before triggering a new bull market.
“BTC 1 hour [chart]: Notice that price is now below the rising 200 moving average in relation to the previous reversal in this broader impulse from $60,000.
This helps put current price trends in context. ”
Chez says that if Bitcoin continues to correct, BTC's 200 moving average on the 4-hour chart could act as support.
“BTC has not marked the 4-hour 200 moving average since $61,000.”
If we get a deeper retracement, it will come into play.
(bottom blue line).
At the time of this writing, Bitcoin is trading at $92,285.
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