A strategic encryption expert known to make Bitcoin calls at the appropriate time he sees a BTC road to stay in bull lands, amid declining momentum.
In a new strategic session, the 49,800 YouTube subscribers tells that Bitcoin Bears has had a top hand since BTC collapsed less than the decisive support level at $ 90,000.
According to Cheds, Bitcoin Bulls must now defend the next BTC support to avoid the potential repetition of the 2021 market collapse.
“I am still in the camp. We still have a flowing momentum from the loss [$90,000] Support, it is very likely that we will continue below and join $ 72,000. This is my basic case …
I just think it is likely to put a mark on the previous range. What we want to see in Bitcoin is that we want to see her carrying SMA (average simple moving) 50 … We know that this is important because that was something that played a big role at the top of 2021 when the price began to lose that. [SMA] 50. We do not want to see it happening. ”
In December 2021, Bitcoin rose to less than SMA50 and lost about 66 % of its value, decreasing from $ 48,000 to $ 16,000 in less than a year.
About how bitcoin can avoid watching a similar fate, Cheds says,
“You can do this with a cute fuse … a gentle wutter below Bollinger and recovery, such as Intraweek will be cute, as we close SMA50, we distinguish and test this previous level ($ 72000), then we can follow up with the direction, which is the high timeline direction that takes over …
So the best case for me will be a very fast and recovery test, such as V, an exaggerated movement. Maybe we may have [in August 2024]Low below and recovery, so that we can test the previous domain without losing the MA50. This will be the best condition in my opinion. “
The wick is a thin line that extends above or down the body of the candles. In the best scenario for the merchant, the low fuse indicates a tremendous purchase pressure.
At the time of this report, Bitcoin is traded for $ 75,795, a decrease of more than 7 % a day.
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