Analyst who found exact Bitcoin bottom issues crypto warning, details Ethereum (ETH) and Litecoin (LTC) forecast
A crypto trader who correctly called Bitcoin’s (BTC) bottom in November and sold its recent peak at around $24,700 has now fully re-entered the market.
This time, pseudonymous analyst DonAlt says he bought BTC at $23,000 – which he warns is a near-term mark or break level.
“Overall, my goal is met and I just felt naked that I didn’t have the position, so I bought early.
But if this dump stays like this, I’m actually getting bearish signals. This basically has to pump to invalidate the bearish case before the monthly close. Otherwise we will have some problems…
I think there is some risk here. If the month closes like this, we have a monthly and weekly bearish setup. It’s something you don’t necessarily want to fade.
And if we show weakness here, we break down in the next few days and the monthly closes poorly, I might actually consider just closing if we don’t go too low and then rebuying $20,000. Not quite sure yet.”
As for Ethereum (ETH), DonAlt says he doesn’t love the USD chart on the daily, weekly or monthly time frames. However, he says that ETH looks better when paired with BTC.
“I’m kind of looking at ETH’s all-time high from 2018. I think $1,500, that weekly level… I don’t necessarily want to see that break because then it starts to double up.
As long as we trade above there it looks ok and I generally think the $1500 level is good. If we were to nuke, I think that’s a good level to buy, low time frame obviously….
I like the ETH/BTC chart and I like the Bitcoin chart so I can work with both.”
The trader also bought Litecoin (LTC) at the bottom and remains bullish in the long run. His current target to the upside is around $220.
“My target is $220-ish right now. The best support is the weekly support at $77…
I think the odds of that playing out are 50-50, so it’s a trade I’d be willing to take anytime. So whether I’m in it from $60 or in it from $90, if I didn’t have the position, technically I would want to have a position with the outlook that I have.”
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Featured image: Shutterstock/BB DESIGN STOCK/Natalia Siiatovskaia
