Cryptocurrency strategist sees BTC bears heading higher following Bitcoin’s ‘remarkable momentum’ rebound
One closely followed analyst believes that Bitcoin bearish traders are changing their stance after Bitcoin’s recent bounce.
The pseudonymous trader Cheds tells his 346,600 followers on social media platform
According to the analyst, Bitcoin flashed a high-wave doji candle on Monday, which is a pattern suggestion Deep-pocketed investors are defending BTC’s upside.
“BTC Daily – High wave doji with low sweep/recovery range
A remarkable momentum story.
Chadz too Notes Bitcoin appears to have broken out of the W double bottom pattern, which is a bullish reversal structure that indicates a new uptrend is underway.
“The W with low low spring (as we just saw in BTC 4H) is one of my favorite setups.
strong.”
With Bitcoin trading above the pattern’s upper boundary of $96,000, the analyst is now… He believes Those who were expecting further downward price movement for BTC will flip their position.
“Break the $96,000 level and the bears will chase you.”
At the time of writing, Bitcoin is trading at $97,070.
Chids too He says Bitcoin bears will eventually be rewarded for their efforts, but they note that the right moment to take control of Bitcoin’s trend has yet to come.
“Trends tend to continue, and bears are early in my opinion.”
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