Crypto trader says that Bitcoin (BTC), if it fails to maintain a key support level, could drop to the levels recorded as recently as early May.
According to DonAlt, a trader who goes by the pseudonym DonAlt on YouTube’s TechnicalRoundup channel, he is leaning towards being bearish about the crypto-king due to his interpretation of Bitcoin’s 24-hour timeframe.
The pseudonymous investor claims that Bitcoin’s price could fall by as much as 15% if BTC support fails. This level has held so far since Bitcoin reached its new high, just under $112,000 – a record for the crypto asset.
According to the pseudonymous investor, Bitcoin’s recent rally up to an all-time record high of $111800 in late November is “false” breakout based on daily timeframe. DonAlt says that “good breakouts”, as they are called, do not typically retest the previous support levels.
This one is retesting, which indicates a lack of momentum and urgency. This one is retesting which indicates a lack in momentum and urgency .”
However, the pseudonymous investor says that Bitcoin is more bullish when viewed on higher timeframes, such as weekly and monthly.
This [weekly] period is bullish as well. Although it is not as bullish as the monthly time frame, I still find this to be a positive.
The weekly chart is slightly less impressive but still good. Weekly, slightly less good .”
Bitcoin currently trades at $105,713.
Please follow us at X@InvCryptoDaily
Subscribe for email alerts to avoid missing a beat
___________________
___________________
Images May Be Sourced From Pixabay, Creative Commons & Midjourney Featured Image: Shutterstock/Panuwatccn
The post Bitcoin could crash by double-digit percentage points in a “quick move” if this support level fails, warns Crypto Trader can be updated as new information becomes available.