The crypto trader who caught this year’s Bitcoin (BTC) rally and sold it for $30,000 describes his plans to re-enter the markets.
In a new strategy session, pseudonymous analyst DonAlt tells his 50,200 YouTube subscribers that Bitcoin could mirror its price action in early March this year.
According to the trader, Bitcoin printed a huge bear trap on March 9 when it broke the $21,000 support, only to reclaim it a few days later on its way to rally to $30,000.
Now DonAlt says BTC could present a similar opportunity after breaking the support near USD 27,200 and plunging to last week’s low of USD 26,270.
“That is something I would also be looking for in these circumstances. We break support ($27,200). If we reclaim it, well, we’ve got a trade on our hands I guess…
Maybe I’d like to take it over.”
While DonAlt believes BTC bulls still have a chance to regain control of the markets, he warns that Bitcoin will remain bearish as long as it trades below $27,200.
“As long as we don’t, it’s just bearish. A failure is bearish… There is little point in considering a breakout or failure a failure before it has actually failed…
We just broke an important level. I would rather not be in the market or trade in that direction unless we reclaim it, because then you have the proof of strength, you have a directional bias on that point and you have a solid place to take your risk.
At the time of writing, Bitcoin is trading at $27,202.
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Image generated: Midway through the journey
