A pseudonymous cryptocurrency trader and analyst says he will remain bullish on Bitcoin unless… Bitcoin It loses one major support level.
The analyst known as Donalt He tells To his 68,000 subscribers to the TechnicalRoundup YouTube channel, Bitcoin will likely continue to rise unless the top cryptocurrency asset falls below $70,000 on the weekly chart.
“I’m looking at $70k. If we start losing $70,000 again, I think it’s already over, because we had a decent expansion, we broke through the $70,000 and $71,000 levels. If we start to move below this weekly open, then I think we have reached a stage of readiness.
Otherwise, I’m just thinking. I am very happy with it. I bought the last false breakout, then it went down again, and is now above my entry point, which is always a good thing. Overall, this kind of turns me off. We start losing $70,000 again, and then I think this is where we might have another downside.”
The analyst also expects Bitcoin to increase more than 26% from its current value to reclaim the mid-range of $90,000, a level last seen in January.
“I’m just anticipating the upside… $82,000 is the next resistance area… I can see myself taking some profits to $94,000, or $95,000.”
Bitcoin is trading at $75,298 at the time of writing, which is flat during the day.
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