Bitcoin Isn't At Top Yet, Says Analyst — Here's What Traders Are Overlooking

Benzinga
24 Jun

Crypto trader and analyst Cheds has issued a warning to traders calling for a Bitcoin BTC/USD market top, arguing that the flagship cryptocurrency is still in a stage one uptrend.

Speaking on a YouTube livestream, Cheds explained the current price action suggests Bitcoin is consolidating within a healthy bullish trend and predictions of a top are premature.

"There’s no way to call top yet," Cheds said. "Any kind of top now is not based on available information."

Cheds pointed to key technical indicators to support his position, particularly Bitcoin's price consistently trading above the rising eight-period exponential moving average (EMA) and the simple moving average (SMA) 200, both of which are widely used to gauge long-term market direction.

He cautioned traders against prematurely identifying a head and shoulders pattern, noting that valid breakdown levels have yet to be tested.

"Any kind of bear thesis before you’ve even had even a minor local breakdown, which would be 100K, is simply no way to call top," he said.

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Cheds emphasized that Bitcoin is in a necessary consolidation phase and pullbacks should not be mistaken for trend reversals.

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"You need consolidation to move higher," he added.

The trader also highlighted the risks of misinterpreting moving average crossovers during sideways markets, where their predictive power diminishes.

"Moving average crosses have limited value in a sideways environment," he noted.

While Bitcoin remained bullish in his view, Cheds expressed caution toward Ethereum ETH/USD, which he described as "super weak," citing technical warning signs of a potential tower top pattern and growing bearish pressure.

On altcoins, Cheds pointed to TRX TRX/USD and BNB BNB/USD as relative strength leaders but warned that many altcoins are under pressure and traders should remain selective.

Cheds also advised traders to prioritize risk management, particularly when evaluating setups. "You want to buy a dip in an uptrend, not a bad chart hoping it turns," he said.

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