According to closely followed crypto analyst and trader Cred, aggressive uptrends may come after we get rid of a few months downtrend for Bitcoin (BTC).
Speaking at a recent strategy session, analyst nicknamed Cred stated that Bitcoin is trading in a wide range between $58,800 and $35,000, with the midpoint at around $46,930.
Bitcoin price also warned that while respecting the $35.00 range support, it could face resistance near the midpoint of the currently $46,930 level.
“As you can see in the chart I prepared, there is a pile of resistance at this monthly and weekly level between $44,000 and $47,000 with the higher timeframe moving averages stacked above it, perhaps to show a candle before eventual reversal targets.”
According to Cred, Bitcoin’s mid-range response is very important because the whole decision about whether BTC can sustain the rally or correct all the way to its target support can be determined at this mid-range.
“Movement in the $46,900 area is important, a positive reaction here could move us towards the $58,800 level, it is quite possible. Perhaps with a possible pullback, there will be a chance for us to catch a bounce from lower levels.”
According to the analyst, he also described an ‘extreme bullish’ situation where the midpoint would create a resistance, but if Bitcoin only exceeds $ 46,900, it can easily overcome the obstacles to its rise to $ 58,800.
Cred also talked about Bitcoin’s price action from November to January, when BTC fell from an all-time high of $69,000 to $33,000, with no meaningful jumps. In the crypto analyst’s bullish state, he also thinks it is possible for BTC to enter a parabolic rally without any meaningful correction.
Note: It is not investment advice.