Veteran Crypto Trader Says Bitcoin (BTC) Is One Critical Level Away From Hitting New All-Time Highs
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- 2024-08-26 00:35:12746browse
Pseudonymous trader DonAlt shares a chart with his 578000 followers on the social media platform X suggesting that BTC is attempting to clear a heavy supply zone between $63000 and $64000
Veteran crypto trader DonAlt is keeping a close eye on Bitcoin (BTC) as it attempts to reach new all-time highs.
DonAlt shares a chart with his 578,000 followers on the social media platform X, suggesting that BTC is trying to clear a strong supply zone between $63,000 and $64,000, with one final resistance at $69,000.
“The weekly is all that stands in the way of new all-time highs, in my opinion. I’ve decided to simply ignore it even though it’s usually my favorite timeframe.
This is why I went bull at $58,000 because I’d have hated to open new longs into this resistance. Eyes closed, pray, cut if sub $58,000.”
As BTC is now above the $64,000 level, DonAlt says that those entering fresh positions should be “nimble” as price action will become more volatile.
Bitcoin is trading at $64,296 at the time of writing.
In the altcoin markets, DonAlt notes that Ethereum (ETH) competitor Solana (SOL) seems to be entering a bullish phase after successfully bouncing from a long-term support level.
“SOL as the altcoin market leader of this cycle hugging support was one of the things that had me worried about whether my thesis on up was right.
This strength makes me less worried.
Just need to maintain strength going into next week and it looks like the tides are shifting.”
Solana is trading at $158 at the time of writing.
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