A closely followed crypto strategist has warned Bitcoin investors that BTC may be 48 hours away from resuming its downtrend.
The analyst, known by the pseudonym Cheds, said in a new strategy session that Bitcoin is still in a macro downtrend and its latest rally from the $17,600 low will result in a bearish.
“I’m looking at the daily chart. This looks like a continuation of a bear market (downtrend). I can draw a bear pennant. I can draw a bear flag. Or I could draw a rising wedge. It feels like a little relief rally has occurred so far. The downtrend has volume, i.e. the standard volume trend, so this channel is one to two days away from completion. One to two days until BTC takes action.”
Recently, Cheds told his 268,800 Twitter followers that Bitcoin breaking the bearish pennant or rising wedge could send BTC to new lows of 2022.
“BTC is above the 8-day EMA after the relief rally. [üstel hareketli ortalama] is coming back from its peak. If the trend continues, this structure could form a bearish pennant or ascending wedge with movement seen on the lower scales. flag can be seen.”
Earlier this month, Cheds released a video saying it believes there is a “strong case” for Bitcoin to bottom at $12,000.
At the time of writing, Bitcoin is trading at $20,715, down 1.51% on the day.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.