A crypto analyst who bought Bitcoin at the bottom in November is updating his outlook on the path ahead for the leading cryptocurrency.
The pseudonymous analyst, whose alter ego is DonAlt, tells his 459,000 Twitter followers that BTC is at a crossroads.
DonAlt says BTC needs to remain above a well-established line of support and resistance in order to push higher.
If Bitcoin can maintain a price above $22,540, the trader says the path ahead is higher.
But if BTC closes below that line, he believes further downside is in store, with a drop to $21,100 likely.
“BTC – Assuming that greater than $22540 -> up. Less than $22540 -> $21100.”
Bitcoin is currently at $22,984, up 0.28% in the last 24 hours.
DonAlt is also updating his views on Litecoin, which he bought near its bottom of about $55 in November.
He says LTC is exhibiting one of his favorite patterns – a slow, strong walk up on the daily chart with almost no pullbacks.
“The most beautiful walk up I’ve seen in a long long time. The longer it walks, the greater the grand finale.”
When asked if he would consider hedging his position or trading LTC at around the $130 mark, DonAlt said he won’t know until it gets there.
However, the trader holds a lofty long-term view on just how high the altcoin could soar.
“Currently have sells around 300 and nothing else. I’ll see once we get there but most likely won’t do anything [at $130].”
LTC is currently at $99.10, up 2% in the last 24 hours.
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