An analyst who has expertly ridden this year’s crypto turnaround says he is close to bullish on Bitcoin (BTC) as the crypto king continues to consolidate around $27,000.
In a new strategy session, pseudonymous trader DonAlt tells his 50,800 YouTube subscribers that the lack of follow-up on BTC bears after defending resistance at $30,000 suggests that Bitcoin is not done with its uptrend.
According to DonAlt, Bitcoin often goes down hard and fast after reaching a key resistance level, and the fact that BTC continues to consolidate to near $30,000 can be seen as a bullish signal.
“As I said in the monthly, we’ve had a breakdown here and nothing has happened so far, and I think that’s a good thing for bulls. Every week that passes, I will become more and more bullish, even if (the) price does not change. Obviously, if (the) price rises, I’ll just reverse bullish all the way…
If you look at past tops and how they play out, it’s very rare that they generally don’t have big candles and they don’t play out quickly. And this one now looks more like a consolidation than a failure… We had a failure, but it led to nothing, and that usually means, in crypto at least, an uptrend.”
DonAlt also says he is looking for the first sign of strength to start accumulating BTC.
“I actually started playing a bit on the bullish side again, but nothing major. But that’s what my head is based on is that we should have moved, (but) we didn’t…
[The] “Is it delayed?” argument only lasts so long… The lag argument you can make for a few days, maybe a week or two. But if it persists, it’s pretty hard to argue that way. And I think it’s the same here. Basically, the argument from the failure gets harder and harder to make the longer it goes on.
At the time of writing, Bitcoin is trading at $27,089.
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Image generated: Midway through the journey