An analyst who predicted the crypto bottom in November of 2022 is re-entering the market after Bitcoin (BTC) briefly dropped below the $25,000 support level earlier this week.
Pseudonymous crypto strategist DonAlt tells the 53,100 subscribers of the TechnicalRoundup YouTube channel that he faced two choices before he opened a new position on Bitcoin.
“We’re at the point where you could make an argument for buying here [around $26,000]. And if you’re wrong you get stopped out and you get to buy at $19,000.
The problem with kind of not doing anything, and the reason why I took a trade – I bought like a little bit, not too much, but a little bit of Bitcoin – is, basically, because I’m just guessing that I will not get an entry otherwise.”
The analyst says if his trade idea is proven correct, he will exit his trade after hitting a profit level running into the double-digit percentage points.
“The target is above $30,000, I’ll see how how it goes.”
Bitcoin is trading at $26,342 at time of writing.
According to DonAlt, “capitulation proper” will ensue if the trade idea is invalidated at around 5% south of the current level.
“I’m not too bullish. I’m not too bearish. The reason why I kind of think this is an interesting trade in general is, basically, because I think if this fails… if you break down here [below $24,900]… I think we’re going to start capitulating.
And then we’re going to start capitulating proper. And we’re going to go to $20,000. So you basically have an invalidation around $25,000 right now.”
I
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and
Surf The Daily Hodl Mix
Check Latest News Headlines
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 loses 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.
Generated Image: Midjourney
Credit: Source link
