A seasoned crypto trader warns that the current bouncing in the Altcoin market will probably be short-lived.
Pseudonymous analyst the power horse tells His 266,500 followers on the social media platform X that he thinks Crypto is still bearish and the newest rally will probably lead to a different leg down.
According to the analyst, the current bounce has not changed the Bearish market structure of Crypto.
“Bearishest still at the high time frame until it has been proven differently.
I see no reason why this is not assistance and the markets will not continue to suck in the coming months.
Graph is still broken. “
Work on his bearish attitude towards crypto, the trader out On the Instant Messaging platform Telegram that the Downtrend will probably continue to exist, unless Bitcoin (BTC) converts a key price area into support.
“I think we are in the part where the correction can be, as I said the other day, one that is more through time than by price.
I will see how Fartcoin, Hype, Pepe, ENA and Bera continue to act.
Because it is a Bitcoin dominance-macro trend, there is no reason to assume that changes, and every success in Alts will come down if BTC can change this level of $ 90,000-$ 93,000 in support. “
At the time of writing, Bitcoin acts for $ 87,813.
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Generated image: midjourney