A closely followed crypto strategist and trader says that Bitcoin is one resistance away from igniting a strong move up that can take BTC to fresh 2022 highs.
In a new strategy session, pseudonymous analyst Cred says that Bitcoin is approaching a level that bulls must take out to open the door for a sustained ascent.
According to Cred, $47,100 is a key price level as he says it is a “nice confluent area” where multiple moving averages slope around a high timeframe resistance zone.
“If we add our sandwich of boomer moving averages, you can really start to see they converge around this $47,000 to $48,000 handle. Specifically, we’ve got all the high timeframe trend following signals – to the 21-week moving average, the 50-week moving average, the 200-daily moving average – all of them seem to converge around this $46,000 to $48,000 handle and also the top of this monthly cluster.
So that’s really the first meaty significant, high timeframe reversion area.”
At time of writing, Bitcoin is trading at $46,982 and is threatening to take out resistance at $47,100. Cred says that once the price convincingly sits above the resistance level, BTC should have enough momentum to rally close to $60,000 once again.
“If the market is accepted above, you’ll have evidence of A: the monthly midpoint being turned to support and B: medium to high timeframe trend flipping from bearish to temporarily bullish and that would be really cool. At that point, [that] would open the doors towards a much meatier move towards $56,000 [to] $58,000.”