A closely followed crypto strategist and trader says that Bitcoin is one resistance away from igniting a strong move up that can take BTC to fresh 2022 highs.
In a new strategy session, pseudonymous analyst Cred says that Bitcoin is approaching a level that bulls must take out to open the door for a sustained ascent.
According to Cred, $47,100 is a key price level as he says it is a “nice confluent area” where multiple moving averages slope around a high timeframe resistance zone.
“If we add our sandwich of boomer moving averages, you can really start to see they converge around this $47,000 to $48,000 handle. Specifically, we’ve got all the high timeframe trend following signals – to the 21-week moving average, the 50-week moving average, the 200-daily moving average – all of them seem to converge around this $46,000 to $48,000 handle and also the top of this monthly cluster.
So that’s really the first meaty significant, high timeframe reversion area.”
At time of writing, Bitcoin is trading at $46,982 and is threatening to take out resistance at $47,100. Cred says that once the price convincingly sits above the resistance level, BTC should have enough momentum to rally close to $60,000 once again.
“If the market is accepted above, you’ll have evidence of A: the monthly midpoint being turned to support and B: medium to high timeframe trend flipping from bearish to temporarily bullish and that would be really cool. At that point, [that] would open the doors towards a much meatier move towards $56,000 [to] $58,000.”
I
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/sdecoret/WhiteBarbie