A popular crypto strategist and trader says he’s still bullish on Bitcoin (BTC) despite BTC’s failure to maintain its upward momentum.
Pseudonymous analyst Credible tells his 323,100 Twitter followers that “nothing has changed” for Bitcoin as he says the latest price action could be considered as intra-week noise.
“Nothing has changed. The 2nd to last green and last red circle are examples of intra-week movement above/below our weekly level but it means nothing without a close to confirm. Give me a close below BLUE and I’ll change my tune, but for now there is no reason to. BTC.”
On April 1st, when Bitcoin was trading close to $47,000, Credible predicted a pullback to $40,000 before resuming its rally. With BTC trading at $39,788 at time of writing, the crypto strategist says Bitcoin bulls must make a move soon to have a shot at sustaining any momentum.
“Weekly candle closed inside our weekly level, so the level held on a closing basis, but didn’t see much of a bullish reaction and are now trading below. Must bounce at $38-$39k and get back above the weekly region for the next close to maintain short/mid-term bullishness. BTC.”
In addition to his technical analysis, Credible is keeping a close watch on the order books as well. Earlier this month, the crypto analyst said that a large entity placed massive buy orders between $40,000 and $44,000. Credible now says that all orders of the deep-pocketed investor were filled, suggesting that a rally may be on the horizon.
“All bids filled. BTC.”
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