Trader Who Named Exact Bitcoin Bottom Updates Crypto Markets Outlook as Key Monthly Closes
A trader who bought Bitcoin’s November bottom at $16,000, sold its recent top of $25,000 and repurchased at $23,000 updates his outlook on volatile crypto markets.
In a new edition of Weekly Roundup, pseudonymous trader DonAlt says a pivotal moment for markets is upon us as BTC’s monthly close approaches.
He says that BTC is on the verge of closing above the monthly resistance at $23,291, which would signal that BTC’s 2023 rally is not over yet.
“If we close upstairs [monthly resistance]I might see some chop next month.
But in general I would expect [BTC to move] up again. So I will be quite happy with my positioning.”
The trader says he re-entered the market out of intense fear of missing out and because his bullish view on BTC remained intact as it neared a short-term bullish invalidation at $23,000.
If Bitcoin falls below $23,000 again and approaches a crucial area of near-term support around $22,500 – the analyst says traders should be extremely cautious.
“We have a small setback towards what I think is the best support in this area [at around $23,000].
when it starts to break [down]I think it makes sense to be cautious because then we run into an area where we’re not making any higher lows and we get back into those old areas [below $22,500].”
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