Crypto Analyst Cheds Projects Bitcoin Breakout to $58,000
A popular crypto market analyst, known as Cheds, lays out a bullish case to Bitcoin (BTC) targeting $58,000.
In a recent video update, Cheds notes that BTC looks very good after it broke above from an ascending triangle pattern, which is usually considered a bullish move.
“You’ve got $46,000. You’ve got the higher low structure. Now you’ve got this ascending triangle. This is the most logical way to look at it as a bull, and the ascending triangle is normally a bullish continuation pattern… The measured move would be the height of the triangle. Gets us to around $56,000 to $58,000.”
According to Cheds, crypto investors should closely follow the 200-day moving average as the technical indicator is setting a resistance level at the moment.
He also notes that traders should follow how Bitcoin trades in the next few days, as according to him bulls should defend Bitcoin’s immediate support or risk a price crash.
“Below $45,000, we’re in serious trouble. That’s the bottom line from everything I know and have studied. So I talked about that. You want to hold the throwback. It initially failed. Hasn’t completely failed yet, but there’s some signs of weakness.”
Throwback, in technical analysis, happens when the price retraces toward the breakout point after moving through a resistance level.
According to Cheds, as long as bulls manage to keep Bitcoin above $45,000, the leading digital asset is one resistance away from rallying 26% from current price levels.
“We’ve got to stay above $45,000… We have a good shot because all you have to do really is clear the 200-day moving average. You clear (200-Day MA) I feel like $58,000 is going to be 80% – 90%. That’s the measured move from the triangle, the last major cluster after the breakdown.”
