Crypto Analyst Says Bitcoin Back in Business, Calls for BTC Uptrend if One Support Level Holds
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…
