https://www.coingecko.com/en/coins/bitcoinAn astute crypto strategist is now claiming that a familiar support level tends to be a key area of interest for Bitcoin. If the cryptocurrency successfully defends this level from a downtrend attack, it means that a potentially favourable bullish scenario might be in sight. His latest prediction has given a breath of fresh air to the market, which reignited the hope of traders and investors, who remain on guard for Bitcoin’s consequential moves.
“W” Pattern Indicates Possible Bullish Reversal
During his last week’s live stream, the Bitcoin “analyst” Cheds informed his followers that Bitcoin has broken a “W” pattern on the four-hourly price chart, one of the most popularly sought-after patterns. This particular pattern is identified with two bottoms followed by a breakout and is widely accepted as a bullish reversal structure after meeting a critical support area. It indicates that after attempting to test a critical support zone twice, the asset has managed to create a definitive price bottom and is ready to surge upwards.
Confirm Carving Bullish Retreat Submitted To By The Analyst
Cheds reiterated his point concerning “the throwback,” which he described as a bullish retest from behind the slope of the chart above. The “throwback” must allow for a smoother ride on the bumpy roads ahead.
Equities Market Influence: A Broader Economic Context
The analyst mentioned the equities markets’ influence on Bitcoin’s price movement, noting that equities markets showed positive price action. He is bullish because of this. Equity markets and cryptocurrencies are interrelated, representing a global asset class that requires holistic analysis of economic fundamentals for Bitcoin’s pricing.
Back to Business: The Path to Further Gains
Constructing a bullish sentiment based on Cheds’s quote, “Regain $81,000 and we’re back in business.” A sustained price movement above this level may confirm the return of a bullish trend (gained by the 200-day moving average). In this case, Bitcoin bulls would be supported by further positive price action.
The $78,500-$81,000 Zone: A Crucial Support Area
Cheds suggested that Bitcoin’s support zone is between $78,500 and $81,000, arguing that a bullish outlook would be sustained as long as Bitcoin remains above this level.
Current Price: Bitcoin’s Position at Time of Analysis
“As of this writing, Bitcoin is priced at $85,301.” This shows how the market continues to react, considering technical analysis, macroeconomics, and investor sentiment.
Cautious pessimism awaits Bitcoin, with its researcher’s analysis holding value only if Bitcoin stays above its marked support region. The consideration of Bitcoin’s potential advancement is extracted from the “W” pattern and retest technical analysis alongside other market forces influencing Bitcoin. However, the cryptocurrency market is continuously changing, meaning it is important for investors to do their research before any investment decisions are made.
