Analyst Explains Why He Is Bullish On Bitcoin, Despite Drop Below $40K
A top crypto analyst, known as Credible Crypto, remains bullish on Bitcoin, regardless BTC’s recent dip below $40,000 level.
The analyst shared with his 323.5K followers on Twitter that “nothing has changed” for the leading digital asset. The latest price action could be considered as intra-week noise, he continues.
“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.”
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. $BTChttps://t.co/SYN8UbwafZpic.twitter.com/DenrREQ09i
Beginning of April, when Bitcoin was priced approximately at $47,000, Credible Crypto alerted that a pullback below $40,000 is likely before Bitcoin continues its rally. As BTC is currently trading at $39,817 the analyst notes that Bitcoin bulls should not wait too long, or risk losing the 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.”
Weekly candle closed inside our weekly level which 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. $BTChttps://t.co/rk7dF9SHaDpic.twitter.com/Vtqtui1Jrh
Credible Crypto also follows closely the the order books. He pointed out earlier that a large entity has placed massive buy orders between $40,000 and $44,000. According to the analyst all orders of the ‘whale’ investor were filled, which could mean that a rally is incoming.
