The king of cryptocurrencies, according to a crypto analyst who correctly predicted Bitcoin’s (BTC) 2022 price floor, may be just one resistance level away from setting a new record high.
Pseudonymous trader DonAlt informs his 48,900 YouTube subscribers in a new strategy session that Bitcoin looks extremely strong on the monthly period after overcoming resistance at $24,000.
The well-known trader claims that the breakout is Bitcoin’s first significant indication of bullishness since November 2021, when BTC reached its record high of $69,000. “It has been a very, very long time since [Bitcoin] looked this nice. Ok, let’s be honest.
Looking at the chart, we can see that since the monthly’s all-time high, there hasn’t been any bullishness. That has been a total farce. Each barrier served its purpose. Really, there wasn’t much bounce at all. Technically speaking, the first bullish signal will be sent if this monthly closes above resistance, which is currently at roughly $24,000. That might go on for a while, in my opinion.
Monthly signs typically last for more than one or two candles, but they just keep going. Simply put, I’ll say that $35,000 represents resistance, and if that level is broken, I don’t think you want to sell before a new record high.
DonAlt claims that he envisions a scenario where Bitcoin might surge near $33,000 before correcting to $27,000 to prepare for an attempt to overcome resistance at $35,000. He bases this on looking at the weekly timeframe.
Something like that frequently occur. It actually reveals whether it wants to move up or not when you get a rejection right before a significant level on a high timeframe and then you have a minor pullback or two weeks into just another push into that monthly barrier.