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
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Author: Daily Hodl Staff
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