Analysis

Trader Who Sold Bitcoin at $30,000 Unveils Plan to Reaccumulate BTC – Here’s His Outlook

The crypto dealer who caught this yr’s Bitcoin (BTC) rally and offered at $30,000 is detailing his plans to re-enter the markets.

In a brand new technique session, pseudonymous analyst DonAlt tells his 50,200 YouTube subscribers that Bitcoin might be mirroring its value motion in early March of this yr.

Based on the dealer, Bitcoin printed an enormous bear lure on March ninth when it broke assist at $21,000 solely to reclaim it a few days later en path to rallying towards $30,000.

Now, DonAlt says that BTC might be presenting an identical alternative after breaking assist at $27,200 and dipping to final week’s low of $26,270.

“That’s one thing that I might search for in this sort of circumstance as effectively. We’re breaking assist ($27,200). If we reclaim it, good then we’ve got a commerce on our palms I believe…

I’d really be occupied with taking that.”

Supply: DonAlt/YouTube

Whereas DonAlt believes that BTC bulls nonetheless have a shot to reclaim management of the markets, he warns that Bitcoin stays bearish so long as it’s buying and selling under $27,200.

“So long as we don’t try this, it’s simply bearish. A breakdown is bearish… It doesn’t actually make a lot sense to contemplate a breakout or a breakdown a failed one earlier than it has really failed…

We simply broke an vital degree. I’d fairly be not available in the market or buying and selling that course until we reclaim it as a result of then you’ve got the proof of power, you’ve got a directional bias at that time and you’ve got a strong place the place to place your threat.” 

At time of writing, Bitcoin is buying and selling for $27,202.

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