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The well-known trader Altcoin Sherpa once again shared his opinion with his readers regarding the future of Bitcoin (BTC). He also spoke about the situation in the cryptocurrency market. According to the expert, now you should be especially careful. He expressed the opinion that the situation in the industry was extremely ambiguous and any transactions carried huge risks.
The strategist noted that the 3D bitcoin chart “painted” a fairly clear picture. The trader emphasized that the area around $29,000 was very important for the future movement of the rate. He assured that now is not the best time to buy bitcoins, but the chart “looked super strong.”
The trader noted that this is a “low time frame” chart. Altcoin Sherpa claims it doesn’t look like it has “outperformed” all IMO data (Imperial Oil Limited’s analysis is based on the most popular technical indicators such as Moving Averages, Oscillators and Pivot Points). The expert expected more volatility and effort from the bulls.
He added that he does not publish many altcoin charts yet. According to the trader, now was not the right time to purchase alternative cryptocurrencies. The specialist stressed that the optimism of market participants was excessively high.
According to him, Altcoin/BTC pairs are likely to be seriously affected in the medium term as bitcoin quotes rise. The analyst assured that it is better to simply reduce their number in his portfolio in order to hedge the risks, which he has been doing for the time being.
The expert spoke about the situation on the price chart of the popular SungularityNET (AGIX) token paired with the US dollar (USD). The strategist stated: “Fully included and filled for $0.485. The first recordings were too premature. We must keep this level. If we manage to close above $0.52, there is a chance for a breakout. This is a hedge against my current longs.”
#trader #prediction #bitcoin #rate