Traders who caught the 2023 crypto breakout say Bitcoin (BTC) remains looking strong after falling below $40,000 last week.
In a new strategy session, pseudonymous analyst Don Alto told his 56,700 YouTube subscribers that while the approval of Bitcoin exchange-traded funds (ETFs) was a selling event, BTC remains in full price collapse. He said he managed to avoid it.
According to the trader, the lack of huge BTC selling is a positive sign for the crypto tycoon.
“I've been liking this price action for the past few days. I think we could reasonably expect the price to go lower, given how the ETF has played out and how the selling event has played out. But they're very hesitant to do so, and every time they go, it's not like a typical news sale where you get a ton of volume and a full crater, but just a little trickle down. did.
That may be enough. I'm not Team Bear anymore. If anything, this is the team I want to be a bull on. ”
The trader also said that Bitcoin appears to be holding steady in a strong uptrend. He said BTC is likely to regain bullish momentum once it clears the $44,000 resistance.
“Looking at the weekly time frame, if it ends like this and starts to break above $44,000… there is no good reason to be bearish. Of course, it could fall after that, but TA (technical analysis) From a perspective, this is literally as sideways as it could be entering a very strong trend.
If that sideways range breaks to the upside, you would expect to see some follow-through.
If the weekend continues like this, it looks like we'll be able to stay a little better on Monday. I don't hate this chart. ”
At the time of writing, Bitcoin is trading at $42,416, up more than 9% from its seven-day low of $38,678.
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