Trader who masterfully rode Bitcoin and Crypto Turnaround issues major alert as market plunges

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A widely followed trader who recently took profits on positions entered in November 2022 issues a warning as crypto markets begin to decline.

The pseudonymous trader known as DonAlt tells his 479,100 Twitter followers that the crypto market rally appears to be marred by Bitcoin (BTC) failing to conquer a major resistance level.

According to DonAlt, his exit strategy outlined earlier this year was based on Bitcoin’s failure to break through the $32,000 price level.

“The cheering altcoin season once we hit the only real BTC resistance there was did it for me.

Nothing is more accurate to sync vertices, once that happens the whole context changes.

I’ll be back as soon if I see strength, but so far this rally looks marred.

And it’s not like I didn’t have an exit around those levels in my plans from the start.

DonAlt also warns that Bitcoin is at risk of seeing a big sell-off event as it is trading well below a key level for BTC bulls on the weekly time frame.

“BTC Update:

A close below $29,500 this week and I guess the top of this rally is hit, expecting $24,000 or even $20,000 if something extreme happens.

A close above $30,000 this week would still look like indecision to me.

A close above $32,000 would look pretty good.

Source: DonAlt/Twitter

Bitcoin is trading at $28,017 at the time of writing.

After selling BTC at the height of the previous bull cycle, DonAlt accumulated Bitcoin, Litecoin (LTC) and XRP in November 2022. Last week, he said he unloaded his crypto positions after making big gains on Bitcoin , Litecoin and XRP.

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