IncomeSharks tweeted yesterday that “people get bullish on the wrong places,” referring to Bitcoin, the cryptocurrency market leader (BTC). According to the tweet, merchants, and traders who did not purchase BTC at $20K should not do so now.
The dealer said that one of the best times to buy a cryptocurrency is when there are red candles, stating that people want to begin ready for red candles to buy and inexperienced candles to promote.” The tweet concluded with IncomeSharks saying that BTC is entering a promotion zone.
According to CoinMarketCap, BTC’s value has dropped 1.91% in the last 24 hours. As a result, BTC is currently buying and selling at $27,022.53. However, the value of BTC has increased by more than 31% in the last seven days. The market leader is also currently ranked second on CoinMarketCap’s trending list.
BTC’s value has fallen in the last 12 hours to rest on the critical support level of $26,900 at press time. Between the previous Thursday and Saturday, the cryptocurrency’s value printed higher and lower lows, forming an ascending value channel.
Though BTC is currently trading on this positive value channel, it appears that this will not be the case for long, and its value will likely exit this channel within the next 4-8 hours.
One thing to remember is that BTC has misplaced the support of the 9 EMA line on its 4-hour chart, which is a critical support stage. Bulls are attempting to boost BTC’s value above this EMA line to maintain BTC’s bullish momentum.
If Bitcoin falls below $26,900 in the next 24-48 hours, its value will fall. Alternatively, a continued rise in BTC‘s value can be signaled by BTC’s value closing today’s trading session above the minor resistance stage at $27,410.