An experienced trader who sold Bitcoin (BTC) at its peak has returned to the crypto markets and collected BTC, Ethereum (ETH) and other altcoins.
In a new strategy session, pseudonymous cryptoanalyst DonAlt tells his 45,100 YouTube subscribers that he is now watching to see if BTC can hold on to an important support level.
The trader says Wednesday’s massive daily candlestick is key and he doesn’t want to see BTC go all the way back below the $17,065 area.
If it can hold the line, DonAlt says he will be “hyper-bullish” on the leading digital asset.
“We kind of have to hope that this daily green light lasts. You don’t want to trade anywhere below that, it starts to look fishy, but as long as it does [hold]I’m going to be hyperbullish.
It just makes sense to me… I got it [proper] entry to risk it, and I think it’s a good risk-to-reward setup because the reward is huge and this risk is quite small.”
The analyst and trader, who first rebought BTC in the low 16,000 range, says his 447,200 Twitter followers that he currently hangs on ETH, Litecoin (LTC) as well as Bitcoin.
When asked if he has been put off by LTC’s recent drop in price, DonAlt says he still plans to keep the decentralized peer-to-peer network going.
“Yes, keep BTC > LTC > ETH.
Don’t really care as long as USD [US Dollar] goes up to everything, has enough BTC to keep me happy even if it’s solo.”
Not all then says he also bought XRP, the digital asset that is a core part of Ripple Labs’ payment platform.
“Completed purchase today. Bought a bunch of BTC long term. Bought a bunch of LTC as exchange. Bought some XRP for meme.”
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