A closely followed crypto strategist and trader says Bitcoin is just one resistance away from triggering a strong bullish move that can take BTC to fresh 2022 highs.
In a new strategy session, pseudonymous analyst Cred says Bitcoin is nearing levels that bulls need to take out to open the door to a sustained climb.
According to Cred, $47,100 is an important price level as it is a “nice confluent area” that has multiple moving averages around a high timeframe resistance zone.
“If we add our sandwich of Boomer moving averages, you can really see them converging around that $47k to $48k handle. Specifically, we have all the high timeframe trend-following signals – the 21-week moving average, the 50-week moving average, the 200-day moving average – all seem to be converging around that $46k-$48k and the top of that monthly as well clusters.
So this is really the first significant high time frame reversal area.”
Source: Credibility/YouTube
At the time of writing, Bitcoin is trading at $46,982 and threatening to knock out resistance at $47,100. Cred says that once the price is convincing above the resistance level, BTC should have enough momentum to rally back to near $60,000.
“If the market is accepted above, you have evidence that A: the monthly midpoint turns to support and B: the mid to high timeframe trend turns from bearish to temporarily bullish and that would be really cool. At this point, [that] would open the doors to a much meatier move towards $56,000 [to] $58,000.”
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