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Analyst: Bitcoin price breakout may be bad for penny coins

One of the leading analysts in the digital currency market says that the continuation of the upward trend of bitcoins can be accompanied by weakening in the market of altcoins, especially the lesser-known currencies.

to the Report Donahlt, a well-known digital currency market analyst, told the latest newsletter on the Technical Analysis website Roundup that launching Bitcoin exchange-traded funds (ETFs) did not sound like a good thing after the release. He thinks bitcoin is in the middle of a strong uptrend.

Don Alt has said:

In general, I think Bitcoin can reach a new historical peak. Reducing the price of Bitcoin and reaching support levels, especially the $ 56,000 to $ 58,000 area in weekly and daily market views, is an opportunity for prices to reach new historical highs.

Now that Bitcoin and Ethereum are nearing their all-time highs, Done Alt says it does not have to open up new trading positions in the Alto Coins market. According to him, the main currencies of the capital market in the Altcoins market attract and reduce their prices.

This well-known analyst says:

If Bitcoin suddenly rises, it is likely that penny holders will sell their assets to take advantage of the move. This is likely to cause a lot of liquidation in the short term [از موقعیت‌های معاملاتی] It is available in the Altcoins market. After stopping the process of bitcoin ascent and formation [کندل‌های سبزرنگ], We can wait for the good return of the Quinns.

He added:

In this way, experienced buyers are likely to be liquidated [موقعیت‌های معاملاتی] For a short time, they start buying explosive instruments.

Don Alt says that when the bitcoin’s uptrend stops and the price stays within a certain range, the attractiveness of altcoins for traders increases.

He said in this regard:

In short, as long as the major currencies create the big green candlesticks, there will be no interest in coin coins. Altcoins only become attractive when the liquidation is over, the market shift has begun, and the dust has ended.

Don Alt said in the end:

Now is a good time to get to know the different currencies and ecosystems, sort out your to-do list and levels. [قیمتی] Mark. Also keep in mind that when prices fall, the market can be very generous.


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