Bitcoin (BTC) Continues Strong Uptrend Despite Bearish Sentiment
A well-known analyst, Cheds, has expressed his belief that Bitcoin (BTC) is still in a strong uptrend, despite the increasing bearish sentiment surrounding the leading cryptocurrency. With a following of 49,600 subscribers on YouTube, Cheds emphasizes that as long as Bitcoin maintains its immediate support at $90,000, the uptrend is likely to remain intact.
Cheds points out that Bitcoin’s price above a rising 200-week moving average (MA) and its ability to hold support are key indicators of an uptrend. He emphasizes the importance of the $90,000 support level, stating that a failure to hold above it could result in a potential drop to the low $70,000 range.
Looking at the bigger picture, Cheds highlights that Bitcoin has managed to retain its gains after breaking out of the consolidation range between $50,000 and $74,000. He notes that Bitcoin’s ability to stay above $90,000 demonstrates its strength, as it could technically retest $74,000 as support.
The analyst also acknowledges the resilience of Bitcoin bulls, who have consistently defended the $90,000 price level. He points out the orderly bullish consolidation pattern on the three-day chart and urges caution against bearish sentiment before support levels are breached.
At the time of writing, Bitcoin is valued at $96,312, reflecting the ongoing bullish momentum in the market.
In conclusion, Cheds advises subscribers to stay aligned with the uptrend and avoid betting against it, especially given the strong support levels and bullish consolidation pattern. With Bitcoin showing signs of strength and resilience, the overall sentiment remains positive for the flagship cryptocurrency.
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Remember, the generated image is courtesy of Midjourney, providing a visual representation of the current market trends.