Bearish Thesis for Bitcoin Nearly Invalidated As BTC Breaks $31,000, Says Crypto Analyst – Here’s Why
The post Bearish Thesis for Bitcoin Nearly Invalidated As BTC Breaks $31,000, Says Crypto Analyst – Here’s Why appeared on BitcoinEthereumNews.com. A widely followed crypto analyst says that if Bitcoin (BTC) convincingly breaks above a key level the king crypto would likely eliminate the risk of a macro bearish reversal. Pseudonymous crypto trader Rekt Capital tells his 361,000 followers on the social media platform X that BTC needs to remain above $31,000 to invalidate a bearish thesis. “A clean break of the $31,000 highs is the final step to fully invalidating the bearish Bitcoin fractal.” Source: Rekt Capital/X Looking at the trader’s chart, he suggests that if Bitcoin stays above $31,000, BTC would ultimately invalidate an Elliott wave corrective pattern forming on the weekly chart. However, the trader says if BTC fails to flip $31,000 into support, BTC could dip to the $27,000 range. “At range high resistance after breaking its multi-month lower high. Reclaim red as support and/or weekly close beyond would likely confirm a breakout beyond the range high. Until then, there is scope for a pullback into the high ~$27,000 for a retest.” Source: Rekt Capital/X Bitcoin is trading for $31,146 at time of writing. The trader also weighs in on Chainlink (LINK) now that the decentralized oracle service has abruptly exploded past $10. He says LINK is at the beginning of a larger uptrend. “When an old macro downtrend ends… A new macro uptrend begins.” Source: Rekt Capital/X Chainlink is trading for $10.04 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 Check Latest News Headlines   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…
The post Bearish Thesis for Bitcoin Nearly Invalidated As BTC Breaks $31,000, Says Crypto Analyst – Here’s Why appeared on BitcoinEthereumNews.com.
A widely followed crypto analyst says that if Bitcoin (BTC) convincingly breaks above a key level the king crypto would likely eliminate the risk of a macro bearish reversal. Pseudonymous crypto trader Rekt Capital tells his 361,000 followers on the social media platform X that BTC needs to remain above $31,000 to invalidate a bearish thesis. “A clean break of the $31,000 highs is the final step to fully invalidating the bearish Bitcoin fractal.” Source: Rekt Capital/X Looking at the trader’s chart, he suggests that if Bitcoin stays above $31,000, BTC would ultimately invalidate an Elliott wave corrective pattern forming on the weekly chart. However, the trader says if BTC fails to flip $31,000 into support, BTC could dip to the $27,000 range. “At range high resistance after breaking its multi-month lower high. Reclaim red as support and/or weekly close beyond would likely confirm a breakout beyond the range high. Until then, there is scope for a pullback into the high ~$27,000 for a retest.” Source: Rekt Capital/X Bitcoin is trading for $31,146 at time of writing. The trader also weighs in on Chainlink (LINK) now that the decentralized oracle service has abruptly exploded past $10. He says LINK is at the beginning of a larger uptrend. “When an old macro downtrend ends… A new macro uptrend begins.” Source: Rekt Capital/X Chainlink is trading for $10.04 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 Check Latest News Headlines 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…
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