A top crypto analyst is unveiling when he could resume Bitcoin (BTC) trading activity amid a market downturn.
Pseudonymous analyst DonAlt tells 51,200 subscribers of the TechnicalRoundup YouTube channel that BTC needs to get back above the $27,500 price level for him to trade the flagship crypto asset and altcoins.
“The way it’s trading right now, I want to see some strength. At least a little bit.
You show me Bitcoin trading above $27,500, I’m down to trade it again. And I’m going to trade altcoins again.
But while this [Bitcoin] is kind of like dragging its feet consolidating at the lows, you don’t get me too excited about any other thing in the market.”
Bitcoin is changing hands at $24,871 at time of writing.
DonAlt also says that Bitcoin’s performance and the outcome of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple will determine the price action of XRP going forward.
“Even if XRP wins the case, if Bitcoin is just like on the edge of a cliff, there’s a good chance that the XRP candle is going to look like this basically [surge beyond the current resistance level of $0.55 before plunging below the same resistance level] and then come back here. And that’s if they win.
And if it’s a 50-50 and if they lose, it just goes straight down. And if Bitcoin goes down, it’s going to go doubly down.”
Turning to Litecoin (LTC), the pseudonymous analyst and trader says,
“I’ve been trading Litecoin and it’s been outperforming almost any other coin during like the choppy times. But it’s getting too close to halving. So right now, I’m not interested in touching it.”
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