BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Crypto Analyst Says Bitcoin Now in Position To Carve Bottom, Unveils ‘Line in the Sand’ Level for BTC

Crypto Analyst Says Bitcoin Now in Position To Carve Bottom, Unveils ‘Line in the Sand’ Level for BTC
A closely followed crypto strategist thinks that Bitcoin ( BTC ) has a shot of bottoming out at current levels.
Pseudonymous analyst Credible tells his 398,800 followers on the social media platform that Bitcoin may have just witnessed a swing pattern failure (SFP) on the lower time frame after bouncing from $64,000.

SFPs are often looked for by traders as potential reversal points.
Says Credible,
“There’s a chance our BTC bottom is in with this SFP. Below is what I am watching for now. Yes, we can still technically go lower into the “dream long” zone below, but as I’ve previously said it would not surprise me to see that zone front run.” 
Source: Credible/X
Looking at the trader’s chart, he seems to suggest that Bitcoin will confirm a bottom if it rallies above $68,000.
Credible adds that both spot and derivatives data are looking good for BTC.
“Patience fam. Spot premium is back with a vengeance, funding literally flipping negative for the first time in months, and BTC still chilling above the ‘best’ area to long at $62,000-$63,000. No doubt in my mind we are forming a bottom here above $60,000, just need to be a little patient.” 
But if support at $65,000 fails to hold, Credible says the last line of defense for BTC bulls is at its range lows that have held for months.
“$60,000 still the line in the sand. Still expect $60,000 to hold. The weakness you’re seeing on alts is to be expected (as I’ve been saying for some time now). The main takeaway right now is that despite the alt blood – BTC is sitting comfortably above $60,000. That should tell you what you need to know and about what’s coming.” 
The analyst previously predicted that he sees a scenario where altcoins tumble as traders rotate their capital into BTC in anticipation of a huge rally.
At time of writing, Bitcoin is worth $64,912.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix






 

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 losses 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.

Generated Image: DALLE3
The post Crypto Analyst Says Bitcoin Now in Position To Carve Bottom, Unveils ‘Line in the Sand’ Level for BTC appeared first on The Daily Hodl .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News