Ask Leo: Would This Be The Last Bitcoin Rally Before A Major Correction
The question on my mind now is would this be the last jolly ride for the primary digital asset bitcoin has it hovers around $20k, seeing a publication which is issuing a warning to bitcoin holders saying that this might be the last rally which will issue a major correction in the current support is broken.
In a strategy session with a crypto analyst DonAlt which he says that the digital asset bitcoin support level is around $18k if the it’s not able to sustain the current support.
“I don’t think the support is good anymore. So basically, if you’re bullish, you’re going to have to pray that this resistance ($21,000) goes. You have to break it. If you’re bearish, if you sold into resistance, you have a pretty neat entry, and you can bet on basically [a] breakdown just based on the fact that we’ve had for once had a little bit of an impulse [rally].
I think it’s the last impulse [rally] that we’re going to get off of this level.”
The weekend was pretty bullish for bitcoin which saw the digital asset trading at $21k which sparked so may speculations that the bullish movement is pretty much around the corner.
But the analyst is warning that BTC would possible go as low as $15k, but he says that it’s still possible for bitcoin bull to be able to do a 40% market price movement.
“Just looking at the daily [chart], the obvious trade is to long this because your invalidation is really clear. Like I said, this impulse [rally] is, in my opinion, the last one you’re going to get from the level, so if we full retrace this impulse [rally], you should be out. That basically puts your invalidation at low $19,000s. That’s a very, very tight invalidation.
The target is quite high up. So you can target $29,000 if this breakout sticks.”
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