A closely watched analyst thinks traders who are bearish on Bitcoin are changing their stance after BTC’s latest rebound.
Pseudonymous trader Cheds tells his 346,600 followers on social media platform
According to the analyst, Bitcoin flashed a high wave doji candlestick, a pattern, on Monday suggestive Investors with deep pockets are defending BTC’s bullish trend.
“BTC daily – high wave doji with low sweep/recapture range
Remarkable momentum story.”
Ched too notes that Bitcoin appears to have broken out of a W double-bottom pattern, a bullish reversal structure that signals a new uptrend is underway.
“W with lower low spring (as we just saw on BTC 4H) is one of my favorite setups.
Powerful.”
With Bitcoin trading above the upper limit of the pattern at $96,000, the analyst now says thinks those who predicted more downside price action for BTC will reverse their stance.
“Break $96,000 and the bears will chase.”
At the time of writing, Bitcoin is trading at $97,070.
Ched too say that BTC bearers will ultimately be rewarded for their efforts, but notes that their moment to dominate Bitcoin’s trend has not yet arrived.
“Trends tend to continue, bears are early in my opinion.”
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Generated image: Midjourney
