bitcoinThe analyst, who correctly predicted the “bear market” bottom levels experienced by , in 2018, shared a new warning.
The analyst, known by the alias Smart Contracter, warned in a post on his Twitter account that Bitcoin’s rise to $24,000 last week could now be a trap for BTC bulls.
“Bitcoin is back in the breakout range last week, you might think it’s a bearish trend. Let’s just close this issue for now and wait for new lows, and I’ll repurchase.”
Koinfinans.com As we have reported, the analyst appears to be bull trapEmphasizing that the coin is seen not only in Bitcoin but also in other crypto assets, he also warned that new declines may come due to the bear market.
“Going back to stablecoins. Price action on everything is making last week’s breakouts look fake. Things have been going well for me in the last few weeks. If it happens in the next week or two, there will be an opportunity to buy aggressively at new lows… It’s a tough market to trade right now but if we get a new low it will be a very high credible all-inclusive buy. I hope it will happen.”
Smart Contracter While sharing the bearish trend in BTC, another crypto analyst, Credible, shared to his 337,400 Twitter followers that Bitcoin is still bullish as long as it stays above the $19,615 invalidation level.
“Bitcoin could drop below the initial local support ($21,600) here as the reaction has been pretty lackluster so far. However, it has completed a five-wave move to the upside, completed the fifth wave volume peak and has since been falling, so it looks for a higher bottom and continuation.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.