A closely followed crypto strategist says he is flipping bullish on Bitcoin (BTC) after the king crypto dipped below the $28,000 level.
Pseudonymous analyst Credible Crypto tells his 346,700 followers on the social media platform X that BTC will likely reverse its downtrend after finding support at a key level.
“Did you flip bullish at the highs, anon?
Just as I was short-term bearish at the highs a couple of days ago it’s almost time to shift back to full bull.
Once we take the equal lows at $27,100 you’re playing with fire if you’re selling/short imo (in my opinion). HTF (high time frame) bullish above $24,800 means longs are the play under $27,000 imo.”
The trader also warns that Bitcoin may dip below the key $27,000 level before the next leg up.
“Targeting $27,100 at minimum with a test of the mid-range at $26,700 seeming highly likely as well. Zooming out for some additional context, you can see that we have tons of liquidity built up below us after taking liquidity above with plenty of rejection wicks to the upside.
Meanwhile, OI (open interest) is peaking and has hit levels that have marked a local top the last five out of five times. The direction we are headed here is clear imo. The real question is how low we will go.
Remember still high timeframe bullish and don’t expect $24,800 to be breached. I think we test the midrange and if that holds, our bottom could come ‘early.’ Otherwise, we may be blessed with a quick push under $26,000 (but above $24,800) for an excellent low-risk, high-reward entry once more.”
BTC is trading for $27,441 at time of writing, down 0.6% in the last 24 hours.
The trader also looks at Ethereum (ETH) against Bitcoin and predicts ETH/BTC is heading even lower in the near term before a trend reversal.
“ETH/BTC is down nearly 30% from when I made this post calling for a 50%-plus drop on the pairing. I know many are eyeing up current levels for a higher low/bottom on the pairing, but with BTC’s largest upside moves yet to come, we are going much much lower on ETH/BTC imo.
After this bleed-down comes a mega melt-up. We get to enjoy the ride on BTC and then have the chance to enjoy a bigger ride on ETH and other alts soon after. Don’t fear it, embrace it.”
ETH/BTC is trading for 0.057 BTC ($1,567) at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check 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.
Generated Image: Midjourney
Credit: Source link
