Crypto strategists who are closely watched believe that Bitcoin (BTC), if corrected below $90,00, will suffer a severe blow.
Cheds, a pseudonymous YouTube analyst, tells his 49.600 subscribers in a recent strategy session that Bitcoin is currently moving sideways with an obvious resistance level of $107,000, and a support at $90.000.
Cheds states that Bitcoin bulls must defend this critical area of support, as BTC’s uptrend is maintained by the price at $90,000. The Bitcoin bulls need to defend the $90,000 price level as it keeps BTC’s strong uptrend intact.
“I don’t believe $78,000 will hold if Bitcoin drops $90,000. You’ve heard that. If we lose $90,000. We’ll probably be at $74,000. This is a call with high confidence. Then, probably $72,000… It’s not going to be $85,000 or even $78,000.
It is important to note that [$90,000.] This amount cannot be underestimated. There are multiple interactions and classical charts. Interactions are separated by a time interval. Price distance from peak to trough. This is all within the context of a trend and losing momentum would be devastating.
“There’s no stopping between now and the $72,000-$74,000 range.”
Bitcoin was trading for $96,231. This is a small increase from the previous day.
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As new information becomes available, this post Bitcoin Trader warns of a’severe momentum blow’ should it lose $90,000. Here is his downside target may change.
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