Pseudonymous technical analyst DonAlt highlighted the tension between bullish high timeframe charts and bearish low timeframe action for Bitcoin (CRYPTO: BTC) as the apex crypto rebounded back above $61,500.
What Happened: In the latest podcast update, the analyst noted Bitcoin's return to support on the monthly chart, which is "not the best" but not overly concerning too. He added that if there were no upward movement in the next 29 days, he'd start to worry.
The weekly timeframe is "not that bad" although the analyst acknowledged the quick retrace from the previous week's breakout. He's watching to see if Bitcoin can hold support around current levels, warning that a close below could give bears "a bunch of credibility."
DonAlt observed that the daily timeframe has "technically turned bearish," but he tends to ignore this in the current choppy market conditions.
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Why It Matters: DonAlt believes $80,000 is more likely than $40,000 for Bitcoin's next major move but cautions that even if Bitcoin reaches new highs, it could come back down.
Regarding his own positioning, DonAlt reveals he has "a little bit of a Bitcoin position" around $58,000 and some Ethereum near $2,550. He's roughly break-even overall but says he might have to close with a small loss if the downtrend continues.
DonAlt concluded by emphasizing how difficult the current market is to trade, noting that "the only people that have been making money is just that basically doubt everything."
Price Action: Bitcoin is trading around $61,750 at the time of writing, up 2.7% over the past 24 hours.
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
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