Yesterday, IncomeSharks (@IncomeSharks), a prominent crypto trader and analyst, took to Twitter to caution investors about buying Bitcoin (BTC) at the wrong time. The tweet highlighted traders’ tendency to become overly bullish during unfavorable market conditions. According to the tweet, if traders didn’t purchase BTC at $20K, they should think twice before investing in it now. Take advantage of IncomeSharks’ valuable advice for navigating the unpredictable crypto market.
Expert trader IncomeSharks warns of Bitcoin sell zone
According to the trader, the optimum time to purchase cryptocurrency is when there are red candles, and “people need to start waiting for red candles to buy and green candles to sell.” The tweet continued with IncomeSharks claiming that Bitcoin is approaching a sell zone.
#Bitcoin – People get bullish at the wrong spots. If you didn't buy at $20k you shouldn't be buying up here. Even if I think we go to $30k to $40k you really need to start waiting for red candles to buy and green candles to sell. We are approaching a sell zone pic.twitter.com/ld56kzFirX
— IncomeSharks (@IncomeSharks) March 18, 2023
BTC’s price has declined 1.05% in the previous 24 hours, according to CoinMarketCap. As a consequence, Bitcoin is now worth $27,313.43. Yet, the price of Bitcoin has risen by more than 31% in the previous seven days. The market leader is also ranked second on CoinMarketCap’s trending list.
At press time, the price of Bitcoin has fallen in the previous 12 hours to rest on the crucial support level of $26,636.26. The cryptocurrency’s price recorded higher and lower lows on Thursday and Saturday, producing an ascending price channel.
While Bitcoin is still trading in this bullish price channel, this may only last for a while, and its price will break out of this channel over the next 4-8 hours.
EMA line threatens bulls
It’s essential to take note of BTC’s recent development as it lost a significant support level in the form of the 9 EMA line on its 4-hour chart. The bulls are pushing to regain momentum and raise BTC’s price above this crucial EMA line. The stakes are high as this will determine if BTC’s bullish trend will continue or succumb to bearish pressure.
Bitcoin’s next move is critical: it might fall in the next day or two if it fails to hold the $26,636.26 support level. If Bitcoin breaks past the minor resistance level of $27,663 before the conclusion of the trading day, a positive trend is on the horizon. Keep an eye on the market and be prepared for price volatility.