Forex Expert Predicts Bitcoin Reversal
While the Bitcoin hype is on the rise and FOMO seems to be taking over these days, there are tons of optimistic predictions about the price of BTC.
BTC is expected to smash through $20k soon, but there are also some correction predictions these days as well.
It’s been just reported that a futures and forex trading expert said that Bitcoin traders should exercise caution these days.
It could be dangerous to go long on BTC
In a new post on TradingView, Marc Principato, the executive director of trading and investment analysis firm Green Bridge Investing, said that he thinks it’s dangerous to go long on BTC with the chance that some will take profits at BTC’s current levels.
He also said that traders should not get sucked into the hype and he said that we should all be getting ready for a correction.
In the short term, he expects Bitcoin to correct to as low as $13,600 before a push toward ATH begins.
“As of right now, there is still no reason to take any longs. The nearest significant support level continues to be in the mid $13,000 to low $14,000,” he said.
He continued and said: “Our plan requires 3 things to unfold before we can assume any risk: 1st we need to reach a predetermined level (14,250 to 13,600), 2nd we need price action to produce a clear setup (chart pattern, candlestick pattern, etc.), and 3rd we need confirmation.”
He also said that the broader trend is still bullish and a move to $20k is possible.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $17,807.76.
It’s been also revealed that at these levels, 98.94% of all Bitcoin addresses in existence have turned a profit, according to the blockchain intelligence company IntoTheBlock.
Stay tuned for more news.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.