By The Daily Hodl - 2 years ago - Reading Time: 2 minutes
Top Crypto Analyst Says Bitcoin Could Be Setting Massive Bear Trap – Here Are His Scenarios for BTC
A closely followed crypto strategist and trader is saying that Bitcoin’s (BTC) recent price correction could just be a massive bear trap.
In a new strategy session, pseudonymous analyst Cred tells TechnicalRoundup’s 32,600 YouTube subscribers that it is within the realm of possibilities that Bitcoin is currently shaking out traders below $60,000 before igniting on an epic rally.
“The only level that matters is the weekly range high here (around $59,000). We closed above it. That’s bullish. [The] market is trading lower now, probably towards [the] previous week’s low ($54,000), but because the close was positive, you’re expecting a trap at [the] previous week’s low and then move back above the level, and your first trouble area is the cluster (around $60,000) and then all-time high plus.
I think that’s not the worst argument in the world.”
The crypto strategist believes that Bitcoin has more or less a week to close above the range high around $60,000 and confirm the bear trap.
“In the most bullish case, it’s not the weekly [candle] that has to get rescued… The monthly and weekly get rescued. This current sh*t price action is just a wick portion. We end up closing above [$60,000], and we all panic for nothing, and it’s a full send.”
However, Cred says BTC could ignite a sell-off event if it fails to reclaim the critical level by the end of the month.
“But anything that doesn’t look like that will result in a monthly and weekly failed breakout, whereby you had the previous range high ($60,000), market poked above it, [and] closed below it. On any timeframe, on any chart, whenever you get that type of stuff – a real effort to break from balance and falling back within – your targets are the mid-range and the range low.”
According to Cred, Bitcoin’s inability to end November above $60,000 could result in a market reversal that likely drives BTC to around $50,000.
Check Price ActionDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
The post Top Crypto Analyst Says Bitcoin Could Be Setting Massive Bear Trap – Here Are His Scenarios for BTC appeared first on The Daily Hodl.
Original source: The Daily Hodl