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.
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 email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney