BTC Trader Planned To Reaccumulate After Selling $30,000 BTC

The trader who got in on the Bitcoin (BTC) rise this year and sold at $30,000 is talking about how he wants to get back into the market.

In a new strategy session, DonAlt tells his 50,200 YouTube followers that Bitcoin’s price action could be like it was at the beginning of March this year.

The trader said that Bitcoin set up a huge bear trap on March 9 when it broke support at $21,000 and then got it back a couple of days later on its way to a rise towards $30,000.

Now, DonAlt says that BTC could be offering a similar chance after losing support at $27,200 and falling to last week’s low of $26,270.

“That’s something that I would look for in this kind of circumstance as well. We’re breaking support ($27,200). If we reclaim it, good then we have a trade on our hands I think…

I might actually be interested in taking that.”

DonAlt thinks that BTC bulls still have a chance to take back control of the markets, but he warns that Bitcoin is still in a bear market as long as it trades below $27,200.

“As long as we don’t do that, it’s just bearish. A breakdown is bearish… It doesn’t really make much sense to consider a breakout or a breakdown a failed one before it has actually failed…

We just broke an important level. I’d rather be not in the market or trading that direction unless we reclaim it because then you have the proof of strength, you have a directional bias at that point and you have a solid place where to put your risk.”

At the time this was written, Bitcoin was being sold for $27,202.