A widely followed cryptocurrency analyst and trader is revealing that he is no longer as bullish on the market as he was a week ago.
Pseudonymous analyst Pentoshi tells his 676,700 Twitter followers that his confidence has waned compared to last week due to weakening momentum.
“Am I as confident in the market as I was a week ago? No. Many, but not all altcoins look tired. There are certainly momentum concerns. So I will click less than before and be less aggressive in the market than I was in the past weeks.”
Zeroing in on Bitcoin (BTC), Pentoshi says that the flagship crypto asset is likely to fall to around the $21,000 price level if it breaks below the support level of around $23,300.
According to Pentoshi, the bullish thesis for Bitcoin will be invalidated if the largest digital asset by market cap crumbles under the $23,300 support level.
Said it before but until the “lose this line” is lost, you have to have a bullish bias.”
Bitcoin is trading at $24,170 at time of writing.
The popular crypto analyst also says that the chart of liquid staking protocol Lido DAO (LDO) “looks incredible” ahead of the Shanghai upgrade which will enable withdrawals of staked Ethereum (ETH).
Finally took a position
Shanghai upgrade around the corner Liquid Staking Derivatives should pick up again.
Chart looks incredible building up into this and I feel once it starts to move whenever that is it will be a strong move.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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