“Now we get into the critical part. After this rejection (around $48,000), what you want to see is acceleration towards this level here ($38,000). However, this recent low at $44,000 got tested again and we bounced up, which means that we’re probably going to get buy pressure from this entire green zone here. So we might be getting into a temporary low phase in which we construct such a pattern.
I would not be surprised if we get a run towards somewhere in $54,000 in the coming weeks, chop around a little bit, get another drop down, and then we continue moving.”
The crypto strategist also issues a warning that Bitcoin’s immediate support might not hold and if that’s the case, the leading crypto asset might plunge another 20% from its current value of $46,400.
“If we can’t hold this level that we just discussed, we can’t break up, and we can’t hold $45,000, I’m going to look at $37,000 to $40,000.”
“You want to see more strength on this one. In that perspective, critical resistance zone ($1,500) failure. If we flip $1,400 (as support), we are ready to trigger continuation and then I’m assuming we’re going to watch $1,700 to $1,800.”
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