A top trader who rode last year’s crypto breakout believes that Bitcoin (BTC) will witness a corrective move if it hits a critical price level.
In a new strategy session, pseudonymous analyst DonAlt tells his 57,000 YouTube subscribers that Bitcoin is closing in on a strong resistance area.
[adinserter block="1"]DonAlt says he expects BTC to witness a swift pullback once it hits its range resistance at around $58,000.
“$58,000, the one that I’ve been talking about as range high, is the only realistic resistance. [It’s] now actually pretty close…
I think that’s significant. If we got there, I think it would be for a wick mostly. I think that would be the top for a while…
I think it’s the most obvious spot to sell. [But] I don’t think it would be trend-forming top or anything like that. I just think it would be a pullback top…
I think you’d get a quite heavy selling there just pretty much immediately, and then you’d get a decent pullback maybe toward $46,000, maybe even toward lower levels.”
The crypto strategist also says that he’s looking to accumulate BTC when it dips but only if it nosedives to a key high time frame support in the low to mid $30,000s.
“The only thing that I’m very certain about that it’s going to be a good buy is weekly and monthly support, which is $32,000 to $35,000.
I don’t think those are going to hit, but if they do hit, that’s the kind of buy that you just hold and you’re guessing that’s going to be the bottom just because it’s such an important area, and it’s a nice 30% to 40% pullback away which is quite clean. I like that.
So that would be a brain-dead long or brain-dead buy.”
At time of writing, Bitcoin is trading for $51,665, a slight decrease in the past day.
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