Crypto Trader recently warned that we are in a sell zone for BTC by CoinEdition

by Arthur · March 19, 2023

IncomeSharks tweeted that the majority of traders and investors are bullish in the wrong places.
According to the trader, the crypto market leader is approaching a sell zone.
At press time, BTC’s price is down 1.91%, but is still up 31+% over the past week.

Crypto analyst and trader, IncomeSharks (@IncomeSharks), tweeted yesterday that “people are getting bullish in the wrong places” referring to the crypto market leader, Bitcoin (BTC). According to the tweet, traders and investors should not buy into BTC now if they did not buy BTC for $20K.

The trader added that the best time to buy a crypto is when there are red lights, saying that “[people] really need to start waiting for red lights to buy and green lights to sell.” The tweet ended with IncomeSharks saying we are entering a sell zone for BTC.

At press time, CoinMarketCap shows that BTC’s price has fallen 1.91% over the past 24 hours. As a result, BTC is currently trading at $27,022.53. Nevertheless, BTC’s price is still up more than 31% in the last 7 days. The market leader also currently occupies the number 2 spot on CoinMarketCap’s trend list.

4-hour chart for BTC/USDT (Source: TradingView)

The price of BTC has fallen over the past 12 hours to rest at the key support level of $26,900 at press time. The crypto’s price made higher highs and higher lows between last Thursday and Saturday – forming an ascending price channel as a result.

Although BTC is currently still trading in this positive price channel, it seems that this will not be the case for long and the price will break out of this channel in the next 4-8 hours.

One thing to note is that BTC has lost the support of the 9 EMA line on its 4-hour chart, which is a crucial support level. Bulls are trying to push BTC’s price to retrace above this EMA line in an attempt to keep BTC’s bullish momentum going.

BTC’s price will fall in the next 24-48 hours if it closes below the $26,900 mark. On the other hand, a continued rise in BTC’s price will be signaled by BTC’s price closing today’s trade above the minor resistance level of $27,410.

Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.