Analyst Who Called Exact Bitcoin Bottom Issues Alert to Crypto Traders, Warns It May Soon Be Time to Sell

One of the few crypto traders who was bullish and bought bitcoin at rock bottom in November said he was weighing when and where to sell for profit.

In a new edition of Weekly Open, pseudonymous trader DonAlt says the market is performing similarly to 2020, with BTC showing significant strength and recovering quickly after each drop.

But the trader To tell He planned a zone that could be nasty for BTC.

He points to a consolidation zone around $30,000 as a point to consider reducing exposure. Last year he back in May and he back in June, that level was a key area of ​​top crypto consolidation.

“I think we’re getting close to the level where we actually want to sell.

I was ridiculously bullish at $16,000, $19,000, ridiculously bullish at $20,000 – but I think the mid-$20,000s to low-$30,000s start to have problems…

of this kind [historic] integrated here [at $30,000]at which point I think the next pushup is probably for sale.

DonAlt says that as long as Bitcoin can crack $32,000, anything is fine.

“Once you get over $32,000, you start to get to a level where you have to shut down your brain and basically go with the flow.

But it would be hard for me too. Somewhere in the $30,000 region, we can probably start closing some positions and take profits. ”

DonAlt also bought Litecoin (LTC) near the November low of around $60. The coin is currently at $96 and there are concerns about BTC’s hit resistance, but traders say they have no plans to sell their positions if BTC hits a wall in the coming days and weeks.

“I like the setup, so I will probably hold Litecoin. But in general, if Bitcoin flips by $32,000, it will be very difficult to trade other than to hold.

So I don’t want to sell everything even if I go further up. Because I know I’m too stupid to flip over and turn my head off and he buys me $32,000. ”

Don’t miss a beat – subscribe to get encrypted email alerts delivered straight to your inbox

Price action confirmation

Please follow us twitter, Facebook and telegram

Surf The Daily Hodl Mix

Check out the latest news headlines


Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Vadim Sadovski/Chuenmanuse

Leave a Reply

Your email address will not be published. Required fields are marked *