A cryptocurrency trader recently warned that we are in a short BTC territory by CoinEdition

© Reuters. A cryptocurrency trader recently warned that we are in a Bitcoin sell-off
  • IncomeSharks tweeted that the majority of traders and investors are bullish in the wrong places.
  • According to the trader, the cryptocurrency market leader is approaching a selling zone.
  • At press time, BTC price is down 1.91% but is still up 31+% over the past week.

Cryptocurrency analyst and trader IncomeSharks (IncomeSharks) tweeted yesterday that “people are bullish in the wrong places,” referring to the crypto (BTC) market leader. According to the tweet, traders and investors should not buy BTC now if they don’t buy BTC at $20k.

The trader added that the best time to buy a cryptocurrency is when there are red candles, noting that “[people] You really need to start waiting for red candles to buy and green candles to sell.” The tweet concluded with IncomeSharks announcing that we are heading into BTC short territory.

At press time, CoinMarketCap shows that the BTC price has fallen by 1.91% over the past 24 hours. As a result, BTC is currently trading at $27,022.53. However, BTC price is still up more than 31% over the past seven days. The market leader is currently number 2 on CoinMarketCap’s trending list as well.

4-hour chart for BTC/USDT (Source: TradingView)

BTC price has declined in the last 12 hours to settle at the key support level at $26,900 at press time. The price of the cryptocurrency printed higher highs and higher lows between last Thursday and Saturday – forming an ascending price channel as a result.

Although Bitcoin is currently still trading in this positive price channel, it seems that this may not be the case for a long time and its price will break out of this channel in the next 4-8 hours.

One thing to note is that BTC lost the support of the 9 EMA line on the 4-hour chart, which is an important support level. Bulls are trying to consolidate BTC price to get back above the EMA line in a bid to keep BTC’s bullish momentum going.

BTC price will decline in the next 24-48 hours if it closes below the $26,900 mark. On the other hand, the continued rise in BTC price will be indicated by BTC price closing today’s trading session above the minor resistance level at $27,410.

Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

A Crypto Trader’s post recently warning that we are in a short BTC territory appeared first on Coin Issue.

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