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Analyst Who Nailed Bitcoin Bottom 2018 Warns Crypto Traders

Analyst Who Nailed Bitcoin Bottom 2018 Warns Crypto Traders
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A crypto strategist who accurately called the bottom of the 2018 bear market for Bitcoin (BTC) issues a new warning for the crypto king.

The pseudonymous analyst smart contractor tells his 210,000 Twitter followers that Bitcoin’s rally to around $24,000 over the past week now appears to be a trap for BTC bulls.

“BTC is returning to last week’s breakout range suggesting it was a bearish fake, close this thread now and will buy any new lows.”

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Source: Smart Contractor/Twitter

The Analyst highlights that he sees bull traps in other cryptocurrencies, not just BTC, warning that new bear market bottoms for digital assets could be on the table.

“Back in stablecoins. Price action on everything is starting to look like last week’s breakouts were fake. Had a good few weeks, not ready to give it all back. Will aggressively buy new lows “if” they happen in the next week or two… It’s a tough market to trade right now but if we make a new low it will be an all in buy with be of such high conviction. I hope it happens.”

While BTC’s smart contractor is bearish, its crypto analyst Credible tells his 337,400 Twitter followers that he’s still bullish on Bitcoin as long as it stays above its invalidation level of $19,615.

“[BTC] First local support can dive in here below [$21,600] as the response to it has been pretty lackluster so far. That being said, a five wave move to the upside appears to be complete, volume spike on the fifth [wave] and has been down since, so looking for a higher low and a continuation. invalidation level [the] Diagram.”

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Source: Credible/Twitter

At the time of writing, BTC is exchanging hands at $21,081, down over 4% on the day.

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/Iryna Kuznetsova/AdriaVidal

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