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.
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