A top crypto analyst reveals when he could resume trading activity in Bitcoin (BTC) amid a market downturn.
Pseudonymous analyst DonAlt tells 51,200 subscribers to the TechnicalRoundup YouTube channel that BTC needs to get back above the $27,500 price level for it to trade flagship crypto assets and altcoins.
“The way things are now, I want to see some strength. At least a little bit.
You show me Bitcoin trading above $27,500, I’m ready to trade it again. And I will be trading altcoins again.
But while this [Bitcoin] is kind of like dragging its feet and consolidating on the lows, you don’t get me too excited about anything else in the market.
Bitcoin is changing hands at $24,871 at the time of writing.
DonAlt also says Bitcoin’s performance and the outcome of the US Securities and Exchange Commission (SEC) lawsuit against Ripple will determine XRP’s price action going forward.
“Even if XRP wins the case, if Bitcoin is just like standing on the edge of a cliff, chances are the XRP candle will essentially look like this [surge beyond the current resistance level of $0.55 before plunging below the same resistance level] and then come back here. And that’s if they win.
And when it’s 50-50 and they lose, it just goes straight down. And if Bitcoin goes down, it goes down double.”
As for Litecoin (LTC), the pseudonymous analyst and trader says:
“I have traded Litecoin and it has outperformed almost every other coin during turbulent times. But it’s getting too close to halving. So right now I’m not interested in touching it.
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Image generated: Midway through the journey
