Veteran technical analyst CryptoCred sees a potential shift to a bullish market structure for Bitcoin (CRYPTO: BTC), suggesting the apex crypto is at a critical juncture.
What Happened: CryptoCred took to his X account to emphasize the importance of using line charts for market structure analysis, noting that they “tend to be clearer as they only show the closes.”
According to his analysis, Bitcoin has been forming lower highs on the weekly timeframe, indicating a bearish trend.
However, the analyst pointed out that the current price level represents “the bears’ last stand,” describing it as the “last reasonable area where a lower high could form if they’re right + close proximity to invalidation.”
This suggests that the market is at a pivotal point where the direction could shift significantly.
Full story available on Benzinga.com