A popular crypto strategist and trader is laying out his bullish thesis for Bitcoin (BTC) after the king crypto’s brief descent to the $18,000 level.
Pseudonymous crypto analyst Cheds tells his 284,700 Twitter followers that Bitcoin could be printing two double bottom patterns on the daily chart.
“BTC daily bull thesis would be a W forming on the right thrust of a larger W.”
According to Cheds, $22,000 is the breakout level for the smaller W formation and $25,500 is the key resistance area for the larger W pattern.
Although the crypto strategist says that a W bottom is within the realm of possibility for Bitcoin, he notes that BTC can still plunge to $16,000 and keep the pattern intact.
“I think if we W it’s with a lower low like $16,000.”
At time of writing, Bitcoin is changing hands for $19,494, flat on the day.
Looking at Ethereum (ETH), Cheds says that ETH bulls successfully defended a key support level and prevented a potential sell-off that could have pushed the largest altcoin by market cap below $1,000.
“ETH nice initial bounce where it needed to bounce.”
At time of writing, Ethereum is valued at $1,369, up over 2% in the last 24 hours.
As for XRP, Cheds says that he’s bearish on the seventh-largest crypto by market cap until it breaks a key resistance level.
“XRP fade any move under $0.40 then re-asses in my opinion if it flips
Buy the rumor type of vibe, sell the news right around the corner.”
XRP is trading at $0.385 at time of writing, an over 6% increase on the day.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/liorigo
Generated Image: DALLE-2
