A popular crypto trader and strategist is warning Bitcoin bulls that the leading digital asset by market cap still has a ways to go before bottoming out.
The pseudonymous trader known as Kaleo tells his 478,000 Twitter followers that Bitcoin is on its way to retesting the lows last seen in mid-2021.
According to Kaleo, BTC is trading within a large wedge that will eventually break down in the coming weeks and retouch levels roughly 28% lower than current prices.
“The roadmap to Goblin Town.”
Zooming in to the lower timeframe, the trader says that a break of $38,500 in the next several days could be the trigger that sends Bitcoin on its next leg lower, and a spike above $41,000 won’t do much to change the circumstances.
“How many legs down are you going to stay bullish?
Will another wick to $41K make you double down? because still a solid chance that’s possible from here without changing the big picture one bit”
“The more I watch price action play out, more I believe we’ll see something like this happen over the next couple of weeks.
Continuation of range followed by a clean break below support so *technically* the box will be filled, just won’t hold for long when it does.”
Zu der Zäit vum Schreiwen, geschriwen is changing hands at $39,274, trading almost completely flat over the last 24 hours.
kontrolléieren Präis Action
Verpasst kee Beat - abonnéieren fir Krypto E-Mail Alarmer direkt an Är Inbox geliwwert ze kréien
Follegt eis op Twitter, Facebook an Hëllefe profitéieren
Surfen Den Daily Hodl Mix
Disclaimer: Meenungen ausgedréckt am The Daily Hodl sinn net Investitiounsberodung. D'Investisseure sollten hir Due Diligence maachen ier se héich riskéiert Investitiounen an Bitcoin, cryptocurrency oder digital Verméige maachen. Gitt u Berodung datt Är Transferen an Trades op Ären eegene Risiko sinn, an all Verloscht déi Dir leet, ass Är Verantwortung. Den Daily Hodl empfeelt net de Kaf oder de Verkaf vu Krypto-Währungen oder digital Verméigen, an och ass den Daily Hodl keen Investitiounsberoder. W.e.g. notéiert datt den Daily Hodl am Partnermarketing matmaacht.
Featured Image: Shutterstock/NextMarsMedia/Sensvector
Source: https://dailyhodl.com/2022/04/25/top-trader-issues-warning-to-bitcoin-bulls-says-another-leg-down-for-btc-approaching/