An analyst who correctly called the bottom of the 2018 bear market is warning Bitcoin investors, saying BTC is in danger of breaching the $30,000 support level.
The person, who goes by the nickname Smart Contracter in the industry, told her 205,100 Twitter followers that Bitcoin’s recent surge from a low of $33,000 on Jan. 24 to a high of $45,000 on Jan. 24 was a major one seems to be a bull trap.
“BTC was unable to hold the 0.618 Fib level so it looks like a break above this downtrend line would have been a major bull trap.
Feels like a test of the downtrend and BTC may retest the $28,000 support in the near term.”
Source: Smart contractors/Twitter
At the time of writing, Bitcoin is changing hands at $35,402.
“What if BTC breaks June low? I think this is similar to what price did at the April high, creating a false breakout before turning back the other direction. Also of note is that I maintained my bullish bias for too long and underestimated the severity and depth of this pullback.”
Source: Smart contractors/Twitter
The smart contracter appears to have based his analysis on the market structure of the Dow Jones Industrial Average as it traded in a wide range from 1998 to 2009 before breaking out and igniting a parabolic rally.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…
George Town, Grand Cayman, 22nd November 2024, Chainwire
Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…
Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…
Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…
Discover the success story of a New York tech entrepreneur who made $72M from a…
This website uses cookies.