Bitcoin An analyst who correctly predicted ‘s 2022 bottom warns that BTC’s correction may not be over yet is located.
The analyst, nicknamed DonAlt, stated that he thinks BTC bears are in full control of the market as long as Bitcoin is trading below a key level at X.
The giga bull continues above the red box ($71,000 – $73,000).
Above the red line ($68,500) is a bit of a mixed bag.
NEWS CONTINUES BELOWBelow the red line is assumed to be down.
Now that the daily candle has closed, there is technically a short setup on the monthly, weekly and daily timeframe. The Bears have a chance, but will they take it?
NEWS CONTINUES BELOW
Looking at the trader’s chart, it seems to suggest that the nearest support level for BTC is $62,000.
At the time of writing, BTC is trading at $62,156, down more than 8% in the last 24 hours.
DonAlt is of the opinion that while Bitcoin is experiencing a correction, BTC bulls are trying to catch the bottom of this downward movement, which will lead to more pain, especially for those using leverage.
This is bulls trying to aggressively buy the ‘bottom’ with leverage while the price is clearly pulling down. At some point they will be right but it will take a lot of effort along the way.
Koinfinans.com As we reported, the top trader also noted that investors who have exposure to Bitcoin through spot market BTC exchange-traded funds (ETFs) crypto- He warns that they may not be used to the volatile nature of their existence.
