According to Veteran Trader, Monster Breakout is coming to Bitcoin
Renowned analyst DonAlt examines three potential price levels for Bitcoin to determine the position of the crypto asset.
He said it will continue to decline if Bitcoin stays below $ 44,400 and neutral if it’s between $ 44,400 and $ 46,200. When BTC breaks through this zone, the analyst becomes bullish.
“At the moment it seems to have served a role – reflecting the high of $ 60,000. I need more strength to convince myself. “
The source: DonAlt / Twitter
DonAlt said the immediate future of cryptocurrencies is tied to traditional financial markets.
“The non-technical view is: the global markets keep dumping, cryptocurrencies will continue to hang.” If the traditional markets regain what they lost in the last few days, so will cryptocurrencies.
More important than the technical analysis is the relative strength of cryptocurrencies compared to the traditional market. “
Meanwhile, veteran trader Tone Vays believes the crypto king is preparing for a massive breakout in the coming weeks.
In version To update New price promotions, Vays says, BTC’s next short-term goal is $ 52,000. When and when the leading cryptocurrency hits this level, he believes that fireworks will explode.
“Still believe that once BTC breaks the high of $ 52,000, the price will rise to ATH of $ 65,000 very quickly. After that, a pullback to the lows of $ 50,000 is possible, and then a monster eruption accelerates like a rocket until it breaks above $ 65,000. “
Vays noted that Bitcoin recently completed a “golden cross” with the short-term moving average above the long-term moving average. Technical patterns are often seen as signs of an impending breakout.
“Golden cross completed. And I believe that in the next week or so BTC will break above all moving averages and approach new highs and then new ATHs. “
Analysts see $ 41,000 as key support.
“I believe the probability that the $ 40,238 low will hold is greater than 50%, which is $ 41,677. And I knew I was wrong if the price of Bitcoin fell below $ 41,000 … “
Bitcoin is trading at $ 44,468, up nearly 2% at press time.
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