A closely followed crypto strategist has warned Bitcoin bulls that it could lure market participants into a trap.
The pseudonymous trader known as Cheds told 45,100 YouTube subscribers in a recent strategy session that Bitcoin bears are under control and any bounce is an opportunity to short sell BTC.
“This isn’t about predicting where to go. It’s like college basketball: figuring out who has the ball. This means that if we bounce up, you expect a short position. You expect to weaken a jump towards resistance. Search for anything that will give you the best potential setup based on the trend. You look for the best countertrend move you can weaken.”
Cheds also said he believes the next rally will be a trap rather than a trend reversal. Bitcoin’s recent move below $45,000 is a big red flag for bulls, according to the crypto analyst.
“You had a big level tested ($45,000). Above this level you have a break and void. This is a really bad sign. This should be the beginning of any analysis. […] Just focus on momentum and key levels.”
You can check the price movements 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.