A trader who caught the 2023 crypto breakout says that Bitcoin (BTC) still looks strong even after breaking below $40,000 last week.
In a new strategy session, pseudonymous analyst DonAlt tells his 56,700 YouTube subscribers that while the approval of Bitcoin exchange-traded funds (ETFs) turned out to be a sell-the-news event, BTC still managed to avoid a total price collapse.
According to the trader, the absence of immense BTC selling is a constructive sign for the crypto king.
“I’ve been liking this price action for the last couple of days. I think just in general with how the ETF played out and how we got the sell-the-news event, you would have reasonably expected prices to go lower. But they were very hesitant to do so, and every time they went it was just a little bit of a trickle-down instead of the typical sell-the-news thing where you just get massive volume and just completely craters.
It could be enough. I’m not team bear anymore. If anything, I’m team wanna-be bull.”Â
The trader also says that Bitcoin appears to be consolidating within a strong uptrend. He says BTC will likely regain its bullish momentum once it takes out resistance at $44,000.
“The weekly time frame, if you just look at that, if it closes like this and starts breaking out above $44,000…. there’s no good reason to be bearish. Obviously, it can go down afterward but just from a TA (technical analysis) perspective, this is literally as sideways as it can get in a very strong trend.
You would expect that if that sideways range breaks to the upside that you just get follow-through.
Not looking too bad if it continues like this for the weekend and then we have a little bit of a strong showing on Monday. I’m not hating on this chart.”Â
At time of writing, Bitcoin is trading at $42,416, up over 9% from its seven-day low of $38,678.
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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 losses 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.
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