A top crypto analyst has revealed when he can resume trading for Bitcoin (BTC) amid a market downturn.
The analyst, known by the crypto market nickname DonAlt, said that BTC must rise above the $27,500 price level to be able to buy and sell the leading crypto asset and altcoins.
“For trading right now, I want to see some strength. At least a little.
If you can show me that Bitcoin is trading above $27,500, I am ready to trade again. And I will trade altcoins again.”
Bitcoin is trading at $24,871 at press time.
In addition to these, DonAlt also found a special evaluation for XRP. The analyst argues that the performance of Bitcoin and the outcome of the US Securities and Exchange Commission (SEC) lawsuit against Ripple will determine the forward price action of XRP.
“Even if XRP wins the case, as long as Bitcoin stays on the brink, there is a chance that the XRP candle will basically look like this (breaking above the current resistance level of $0.55 before falling below the same resistance level) and then back here. This applies if they win.
And if the odds of winning are 50-50 and they lose, it goes right down. If Bitcoin goes down, XRP will double down.”
Finally, the crypto analyst made an assessment for Litecoin (LTC), in addition to BTC and XRP:
“I trade in Litecoin and it outperforms almost any other cryptocurrency in such turbulent times. But it’s getting very close to the halving event. That’s why I’m not interested in touching it right now.”
You can check the price movements here.