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Crypto Analyst Warns Sharp Bitcoin Breakdown Appears Imminent – Here’s How Low BTC May Go

Crypto Analyst Warns Sharp Bitcoin Breakdown Appears Imminent – Here’s How Low BTC May Go
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.

“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.”
Source: Cheds/Twitter
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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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.



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