00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Bitcoin staged a sharp reversal after breaking below $92,000 and quickly reclaiming that level,
00:08prompting crypto trader Donalt to warn that short sellers are trapped, according to Benzinga.
00:13Donalt said,
00:14Failed breakdowns are among the most reliable bullish signals
00:17and often lead to strong moves in the opposite direction.
00:21He said Bitcoin now targets a retest of $104,000 to $105,000 if price holds above $92,000.
00:28Donalt noted the weekly chart signals a breakout while the monthly chart remains at resistance,
00:34which he views as strength.
00:36He said a drop below $90,000 would invalidate the breakout.
00:40Donalt remains bearish on most altcoins, calling them capital traps.
00:43For all things money, visit Benzinga.com.
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