Add as a preferred source on GoogleCedric Cerezo Sees Bitcoin Test $75,000 Before a Possible Move to $92,000
His November target of $90,000 to $92,000 depends on BTC holding its 50-week EMA and breaking $85,000 to $87,000 resistance.
Trader Cedric Cerezo outlined a conditional path for Bitcoin (BTC), with a possible slide to $77,000 and brief dip to $75,000 before a potential November move toward $90,000 to $92,000.
Cerezo's upside case depends on BTC holding its 50-week exponential moving average (EMA) and buyers clearing resistance between $85,000 and $87,000.
Cerezo said BTC had fallen below its 50-day EMA while remaining above the 50-week EMA. He said daily-chart weakness left room for another decline, but a short move below support would not by itself mean a new bear market.
He said a weekly close below the 50-week EMA would prompt him to reassess the setup. For the upside case, Cerezo said buying would need to carry Bitcoin through resistance; a move above the zone without convincing participation would not satisfy his condition.
Cerezo did not say Bitcoin must fall to $75,000. “I’m not saying that has to happen,” he said.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.