Analyst Who Nailed 2018 Bitcoin Bottom Issues Warning To Crypto Traders
A crypto strategist who accurately called the bottom of the 2018 bear market for Bitcoin (BTC) is issuing a new warning to the crypto king.
Pseudonymous analyst Smart Contractor tells his 210,000 Twitter followers that Bitcoin’s rally to around $24,000 last week appears to be a trap set for BTC bulls.
“BTC back to last week’s breakout area, indicating it was a bearish fakeout, now closing this thread and looking to buy new lows.”
The analyst highlights that he sees bull traps in other cryptocurrencies, not just BTC, warning that new bear market levels for digital assets may be on the table.
“Back in stablecoins. Price action on everything is starting to look like last week’s breakouts were fakeouts. Had a good few weeks, not willing to give it all back. Going to 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 there will be such high conviction, all -in-purchase. I hope it happens.”
While Smart Contractor has turned bearish on BTC, fellow crypto analyst Credible tells his 337,400 Twitter followers that he remains bullish on Bitcoin as long as it stays above his $19,615 invalidation level.
“[BTC] may fall under first local support here [$21,600] to which the reaction to it has so far been rather weak. That said, it appears to have completed a five-wave move to the upside, volume peaking on the fifth [wave] and descending side, then look for a higher low and continuation. Invalidity level on [the] diagram.”
At the time of writing, BTC is changing hands at $21,081, down over 4% on the day.
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Featured image: Shutterstock/Iryna Kuznetsova/AdriaVidal
