A closely followed analyst believes that Bitcoin (BTC) remains in a strong upward trend, despite the growing bearish sentiment on the flagship Crypto Asset.
Pseudonym cheds tells his 49,600 YouTube subscribers that he thinks that the upward trend from Bitcoin will remain intact as long as BTC respects its immediate support to $ 90,000.
“It’s an upward trend. Price above a rising MA of 200 weeks (progressive average) is an upward trend and the support of price maintained is an upward trend.
You want to be very simple bullish as long as the $ 90,000 zone applies. Again, if that fails, I think we will definitely go to the low $ 70,000. “
The trader zooms out, emphasizes that Bitcoin has retained his profit after the outbreak of the consolidation range between $ 50,000 to $ 74,000. According to the analyst, keeping up above $ 90,000 is proof of his strength, because BTC can demolish technically and can re -test $ 74,000 as support.
He also notes that BTC bulls have shown several times that they are ready to defend the price level of $ 90,000.
“I can’t imagine that I want to bet against this trend, and it brings things into perspective for you. If you look at the Grand Price Class here ($ 50,000 to $ 74,000), the consolidation range and the progress out of reach and how we have consolidated here ($ 90,000 to $ 110,000), we have recorded all profit.
It is a very beautiful, neat and orderly bullish consolidation here. I think it is beautifully illustrated here on the three -day graph …
I do not understand why people are really bearish at the moment, especially before the support problems. I mean, bulls have arrived and the demand came up time and again at the bottom of this reach ($ 90,000) and you have the price environment with an upward trend. You just want to go with the trend. “
At the time of writing, Bitcoin is worth $ 96,312.
https://www.youtube.com/watch?v=SGVZ7NJFJAE
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