dailyhodl.com
A top crypto trader is expressing bullish sentiment on one top-20 altcoin that’s up over 10% in the past week.
Pseudonymous analyst DonAlt tells his 53,300 YouTube subscribers that the price action of Bitcoin Cash (BCH) on the daily chart is signaling a bullish move.
“If you go on the lower time frames that looks like a breakout in the making…
You have your structure here kind of looks like an ascending triangle, whatever you want to call it, doesn’t really matter…
The only thing that you really have to keep in mind, or that is important for the trade, is that you put in a low, you retested it and now we’re putting in a higher low with the same highs.”
On what could prove his bullish thesis for Bitcoin Cash wrong, the pseudonymous analyst says,
“If this goes back below $200 or $180-ish, $180 being the better invalidation, I think it’s cooked.”
According to DonAlt, the price trajectory of Bitcoin Cash and other altcoins going forward will heavily depend on Bitcoin.
“My problem with the altcoins, my problem with my Bitcoin Cash position is that like I look at Bitcoin right now and I’m like ‘if this breaks down, like if this just goes down, I’m going to get [screwed] and everyone else in altcoins are just going to get [screwed as well].'”
Bitcoin Cash is trading at $236 at time of writing, up by a little over 14% since Monday.
Generated Image: Midjourney