A top crypto trader is discussing the key levels Bitcoin must conquer to signal a true recovery.
In a new series of tweets, the crypto analyst known in the industry as Altcoin Psycho says that he is wary of Bitcoin’s recovery this weekend – even as Bitcoin surpasses $34,000 on Saturday.
“No need to overcomplicate things here. People prefer clout over profit so they’re trying to play fortune teller and predict the bottom. Let’s reclaim $36,000 and change market structure first, then I’ll be excited. Everything else is just emotion and noise.”
Altcoin Psycho says he is also watching the levels at which Bitcoin opened and closed on the weekly and daily charts. The trader is focusing on Monday’s low near $30,400, Monday’s high of $31,850 and the previous weekly low of $31,050.
“Black arrows on my chart are areas of interest:
1) Untapped H4 zone we just broke out of
2) Previously weekly high
3) Monthly open
Will be watching reactions at those areas closely. Just remember, price needs to clear [$36,000] before celebrating.”
Although Altcoin Psycho is not fully convinced of Bitcoin’s latest rally, he believes that the crypto market is unlikely to enter a bear market given the amount of attention it’s receiving.
“There’s not [a] doubt in my mind that there’s too much money coming in for crypto to just go in a multi year bear market. But how about we reclaim a few key levels before breaking out the bull tweets yea?”
Fellow crypto analyst Dave the Wave appears to be betting on an end-of-year recovery for Bitcoin as the flagship cryptocurrency hits the bottom level of the moving average convergence/divergence indicator (MACD).
“MACD has pretty much met the first level now. The lower level and turn around at the end of this year?”
At time of writing Bitcoin is trading at $34,148, doing battle with the $34,000 level.
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