Cred is a closely followed crypto analyst that keeps an eye on the top two digital assets. That’s, by market cap also a pair. of Layer-1 scaling solution altcoins.
Furthermore, Cred in the latest TechnicalRoundup newsletter, says that Bitcoin is closing the week without a clear signal on where the price is going.
So, Cred explains further.
“Bitcoin/dollar offered a relatively ambiguous close following the all-important retest…”
“of weekly structure at $55,800-$60,000. Price closed above the range low but below the range high…”
“That is neutral at best, and not exactly what we wanted to see at this inflection point.”
More so, Cred adds.
“We’re essentially forced to write ‘up or down’ because the weekly close didn’t offer much signal.”
Additionally, Cred continues.
“One of the better outcomes to this consolidation would be Bitcoin/dollar…”
“chop into altcoin moon. It likely wouldn’t be long-lived,..”
“but the opportunities that arise in those circumstances are very attractive.”
Then, Cred confirms there’s more promising signs from second crypto, Ethereum. That’s, after ETH manages to hold on to an important price level.
Furthermore, Cred notes.
“Ethereum looks stronger than Bitcoin. The USD pair held the $4,000 range high on a…”
“closing basis and Ethereum/Bitcoin is moving towards its multi-month range high…”
“Last week we argued that daily trend was broken…”
“and that it would likely land the market at the $4,000 area.”
Lastly, Cred concludes.
“Now that $4,000 is holding, the only obstacle that remains is to reclaim daily trend…”
“For us, this is best defined by the pre-breakout cluster (currently resistance) at $4,480-$4,610.”
Galaxy Interactive Rises Additional $325M Fund For Metaverse and Next Gen…>>
Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors
