Cheds, a pseudonymous crypto analyst and trader, has sent a note warning to crypto traders and investors that Bitcoin (BTC), the largest crypto by market capitalization, could be 48 hours away from continuing its steep fall.
In a recent strategy session, the crypto analyst stated that Bitcoin (BTC) is still in a macro downtrend and its recent rally from the low of $17,600 will likely end soon.
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Cheds noted:
“I’m looking at the daily chart. [It] looks like a bear continuation. I can draw a bear pennant. I can draw a bear flag. I can draw a rising wedge. It just feels so far kind of a minor relief rally. Got the volume [downtrend], standard volume trend, which means this channel is like one to two days from being done. We are one to two days from [BTC] making a move.”
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In a recent tweet, the analyst told his teeming followers that a break of Bitcoin’s bear pennant or rising wedge could make BTC drop to new 2022 lows.
“BTC observing spinning top at daily [exponential moving average] eight after relief rally. Structure could be viewed as a bear pennant or flag rising wedge with measured move in the low teens if the trend continues.”
In early June, Cheds shared a video where he said there is a strong case for Bitcoin to drop to around a $12,000 price level before bulls could take over.
At the time of filing this report, BTC is trading at $21,061, with a relatively 2% price downtrend in the last 24 hours.
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