The crypto analyst and trader, IncomeSharks (@IncomeSharks), tweeted yesterday that “people get bullish at the wrong spots,” and referenced the crypto market leader, Bitcoin (BTC). According to the tweet, traders and investors should not buy into BTC now if they did not purchase BTC at $20K.
The trader added that the best time to buy a crypto is when there are red candles, stating that “[people] really need to start waiting for red candles to buy and green candles to sell.” The tweet concluded with IncomeSharks stating that we are heading into a sell zone for BTC.
At press time, CoinMarketCap shows that BTC’s price has dropped 1.91% over the last 24 hours. As a result, BTC is currently trading at $27,022.53. Nevertheless, BTC’s price is still up more than 31% over the last 7 days. The market leader currently occupies the number 2 spot on CoinMarketCap’s trending list as well.
4-hour chart for BTC/USDT (Source: TradingView)
The price of BTC has declined in the last 12 hours to rest on the key support level at $26,900 at press time. The crypto’s price printed higher highs and higher lows between this past Thursday and Saturday – forming an ascending price channel as a result.
Although BTC is currently still trading in this positive price channel, it seems this may not be the case for long and its price will break out of this channel in the next 4-8 hours.
One thing to note is that BTC has lost the support of the 9 EMA line on its 4-hour chart, which is a crucial support level. Bulls are attempting to boost BTC’s price to back above this EMA line in an attempt to keep BTC’s bullish momentum going.
BTC’s price will drop in the next 24-48 hours if it closes below the $26,900 mark. On the other hand, a continued rise in BTC’s price will be signaled by BTC’s price closing today’s trading session above the minor resistance level at $27,410.
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