{"id":176830,"date":"2023-10-19T01:51:45","date_gmt":"2023-10-18T20:21:45","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=176830"},"modified":"2023-10-19T01:51:45","modified_gmt":"2023-10-18T20:21:45","slug":"top-trader-says-one-compelling-bullish-argument-for-bitcoin-btc-now-in-play-heres-what-he-means-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/top-trader-says-one-compelling-bullish-argument-for-bitcoin-btc-now-in-play-heres-what-he-means-crypto-news\/","title":{"rendered":"Top Trader Says One Compelling Bullish Argument for Bitcoin (BTC) Now in Play \u2013 Here\u2019s What He Means – Crypto News"},"content":{"rendered":"

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A popular analyst says that after an abrupt move to the upside, Bitcoin (BTC<\/a>) could remain in an uptrend.<\/p>\n

Pseudonymous analyst Cred tells<\/a> his 53,500 subscribers of the TechnicalRoundup YouTube channel that if Bitcoin holds above a key level, it could indicate continued bullish momentum for the king crypto.<\/p>\n

BTC soared to as high as $30,000 Monday after a news site falsely claimed the U.S. Securities and Exchange Commission (SEC) approved a spot market Bitcoin exchange-traded fund (ETF).<\/p>\n

Says the analyst,<\/p>\n

\u201cIf this is a daily breakout, obviously it\u2019s messy where it\u2019s ended up, because it\u2019s a very fast move and into this prior area, the pre-breakdown range at $29,000, and we actually tapped $30,000\u2026 But structurally speaking, fake news or not, retrace or not, as long as the market can hold on a daily closing basis $28,000, then even if this wick weren\u2019t there, then that would still be a compelling bullish argument. <\/em><\/p>\n

I think that\u2019s a really good way to think about and process this type of price action. If I take my levels, I take my high timeframe closes, if this wick weren\u2019t there, what would my analysis be? And I think there is some merit to that, which is why I\u2019m still focusing on levels and high timeframe candle closes because they can certainly filter for a lot of the noise that surrounds these types of market events. So bull-bear line on the weekly and the daily is $28,000.\u201d<\/em><\/p>\n

The trader says that if Bitcoin loses the key $28,000 level it will likely retrace to the $26,000 range.<\/p>\n

\u201cObviously\u2026 the peak bearish scenario is that this was just a mega top and shouldn\u2019t have happened at all. And we\u2019re just going to proceed to, just like on some of these other moves that we had, essentially get a big outsized move, it goes nowhere and then bleeds down and retraces.\u201d<\/em><\/p>\n

Source: TechnicalRoundup\/YouTube<\/figcaption><\/figure>\n

Bitcoin is trading for $28,496 at time of writing.<\/p>\n