A top cryptocurrency analyst and trader is warning that Bitcoin (BTC) could flip bearish if one key support level is lost.
The analyst pseudonymously known as DonAlt tells the 61,600 subscribers of the Technical Roundup YouTube channel that if Bitcoin fails to hold $63,000 as support on the weekly chart it could plummet in value.
“This was the trigger to be bullish – $60,000 reclaimed… And then it went all the way back to top of the range, actually. And now it’s getting rejected. And the long trigger, the bullishness that you should have from the range reclaim, the $60,000 reclaim, is technically still in play. That is still in play, in my opinion, unless we lose $63,000. So $63,000 I think is the pivot. If that gets lost, I think it starts looking dangerous, but until it is lost, all is good in the world. This is still a bullish range, until we lose $63,000.”
According to the analyst’s chart, if Bitcoin collapses in value, the next support ranges the crypto king could retest are around $52,000 and $42,000.
“If we lose $63,000 maybe we retest the lower supports. I don’t know. We’ll see. But until that happens, it doesn’t really make more sense to talk about it.”
Bitcoin is trading for $62,858 at time of writing, down more than 5% in the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Featured Image: Shutterstock/Ormalternative