According to crypto strategists, bitcoin bears are calling for being “wiped out” as BTC generates reversal signals
A closely-following crypto analyst is warning Bitcoin (BTC) bears that the crypto king is showing signs of strength on the daily and weekly charts.
Pseudonymous analyst Credible Crypto tells his 346,000 followers on the social media platform
In technical analysis, a classic bullish divergence is typically viewed as a reversal signal, while a hidden bullish divergence is a sign of trend continuation.
Says Credible Crypto,
“Biggest liquidation event since Dec 21 (yes, almost two years ago), double FTX collapse.
Classic bullish divergence in BTC daily and hidden bullish divergence in BTC weekly (the charts below show both).
BTC dominance is testing the bullish breakout from the two-year long-term range.
Calls for $20,000, $12,000 and $10,000 are piling up, although there is no actual break in the bullish market structure that would signal any sort of momentum shift (first break is at $24,800).
Bears are calling for their total extinction here.”
Source: Credible Crypto/XSource: Credible Crypto/X
Credible Crypto also says that so far this year Bitcoin has been consolidating at the lows for quite a while before igniting a steep surge.
“It doesn’t look like much right now, but in an impulsive/trendy environment things can quickly escalate.”
Source: Credible Crypto/X
At the time of writing, Bitcoin is worth $26,024.
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