A closely followed crypto strategist believes Bitcoin (BTC) will take a serious hit if it corrects below $90,000.
In a new strategy session, pseudonymous analyst Cheds tells his 49,600 YouTube subscribers that Bitcoin appears to be currently trading in a sideways trend with a well-defined resistance at $107,000 and a clear support level at $90,000.
But Cheds says that Bitcoin bulls need to defend the critical support area as the $90,000 price level keeps BTC’s strong uptrend intact. He highlights that there’s no stopping BTC from going all the way down to the low $70,000 level if the support crumbles.
“I think if Bitcoin loses $90,000, and you’ve heard me, I don’t think $78,000 is holding. I mean if we lose $90,000, we’re going to probably $74,000. That’s a high-confidence call and then probably $72,000… There’s no way it’s going to hold $85,000 or $78,000.
The importance of [$90,000] cannot be understated. You have classical charting, multiple interactions. You have time interval between interactions. You have price distance peak to trough. It’s all in the context of an uptrend and losing this level would be a severe momentum blow.
There’s going to be no pausing between here and $72,000 to $74,000.”
At time of writing, Bitcoin is trading at $96,231, a fractional increase on the day.
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