Renowned crypto trader’s last insights before a ‘couple of weeks’ break

Renowned Crypto Trader's Last Insights Before a Couple of Weeks' Break

The cryptocurrency market, led by Bitcoin (BTC), experienced a surge this week. However, the upward momentum has temporarily stalled, with BTC consolidating around the $67,000 mark.

Despite the market's current uncertainty, crypto trading expert Credible Crypto (Credibull) shared his insights and outlook for several digital assets before taking a break. Here are some of the cryptocurrencies he highlighted:

Bitcoin (BTC)

Credibull noted that a significant downside move for Bitcoin should originate from the primary resistance area, currently around $71,000. He identified $62,300 to $63,300 as a potential bounce zone, with $59,000 as the ideal target if this area fails.

The analyst emphasized key indicators to monitor for Bitcoin's next move: an impulsive move off the lows and the behavior of open interest (OI). Credibull observed the absence of an impulsive move and a concerning ramp-up in OI, suggesting a potential corrective move rather than a bullish breakout.

He cautioned that if Bitcoin fails to break through the resistance level convincingly and OI remains high, it could result in a significant price correction, possibly back to the $59,000 level.

Dogecoin (DOGE)

Credibull expressed interest in shorting Dogecoin around the $0.18 mark, citing an ideal risk-to-reward ratio for short positions. He advised patience, stating that he would not initiate a short position until Dogecoin reached the $0.18 zone.

He acknowledged the possibility of various scenarios playing out before this level is reached, including a pullback or a direct ascent to the short zone.

Solana (SOL)

For Solana, Credibull identified potential shorting opportunities with vital resistance levels. He predicted room for a 5% to 10% upside, with a move above the previous highs above $180 as the optimal short entry.

He anticipates a rejection at this level, followed by a significant move down to the range lows, around $115. This represents approximately a 35% move from the current levels to the downside.

Chainlink (LINK)

Credibull noted LINK's prolonged upward trend with only two months of correction, indicating the likelihood of a deeper retracement. He identified a breakdown point and a subsequent range between $16 and $12 for LINK.

Currently, LINK is approaching an area of resistance around $18, making it an ideal spot for a short position. He emphasized the importance of either shorting directly into this resistance or waiting for a structural shift and falling back into the range to confirm the short.

Dogwifhat (WIF)

While WIF has broken down from a lower level, Credibull cautioned about initiating a short position until it recovers further and potentially reclaims higher levels. He cited the risk-reward ratio and the importance of shorting at extreme areas to minimize risk and maximize potential returns.

It's important to note that the mentioned cryptocurrencies are highly susceptible to general market sentiment.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source: https://thebittimes.com/renowned-crypto-trader-s-last-insights-before-a-couple-of-weeks-break-tbt88875.html