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Crypto analyst Credible still believes BTC is bullish despite the asset’s failed attempt to maintain upward momentum
According to him, nothing has changed for bitcoin, and the recent exchange rate movement can be seen as “a kind of intra-week noise”:
“Nothing changed. We have seen examples of intra-week movement above/below the weekly level, but they do not mean anything without confirmation of the close.
On April 1, BTC was trading around $47,000 and Credible predicted a pullback to $40,000, after which the rally should resume. The analyst noted that Bitcoin bulls should take certain steps soon to help maintain the momentum:
“The weekly candle closed inside the weekly level, so BTC held on a close basis, but there was no bullish reaction, which caused the price to go lower. To maintain the short/medium term bullish momentum, BTC should bounce from the $38,000-$39,000 range and return above the weekly range by the next close.”
In addition to technical analysis, Credible monitors order books. Earlier, he said that someone very serious placed large buy orders in the range of $40,000 – $44,000. Now they are filled, which means that the market may soon expect another round of rally.
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