A closely tracked crypto strategist is warning Bitcoin traders and investors that BTC could be 48 hours away from resuming its downtrend.
In a new strategy session, pseudonymous analyst Cheds says Bitcoin is still in a macro downtrend and BTC’s recent rally from the lows of $17,600 is likely to meet an abrupt end.
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“I’m looking at the daily chart. [It] looks like a bear continuation. I can draw a bear pennant. I can draw a bear flag. I can draw a rising wedge. It just feels so far kind of a minor relief rally. Got the volume [downtrend], standard volume trend, which means this channel is like one to two days from being done. We are one to two days from [BTC] making a move.”
Recently, Cheds told his 268,800 Twitter followers that a break of Bitcoin’s bear pennant or rising wedge could send BTC to new 2022 lows.
“BTC observing spinning top at daily [exponential moving average] eight after relief rally.
Structure could be viewed as a bear pennant or flag rising wedge with measured move in the low teens if the trend continues.”
Earlier this month, Cheds released a video saying he believes there’s a “strong case” for Bitcoin to bottom out at $12,000.
At time of writing, Bitcoin is changing hands for $20,715, down 1.51% on the day.
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