Is it a Good Time to Short Bitcoin (BTC)?

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Cryptodnes2024/10/21 12:03

By:Cryptodnes

Bitcoin's (BTC) price volatility offers traders opportunities for both long and short positions, but one analyst cautions against shorting at this time.

In a video posted on October 18, CrypNuevo evaluated Bitcoin on both high and low time frames. While the lower time frames may present short opportunities for day traders, he advised swing traders to refrain from shorting, as indicators suggest an upward trend for BTC .

He noted that the Bitcoin Dominance Index (BTC.D) was at 59% (before it surged to over 65%) while BTC was trading around $68,800. CrypNuevo emphasized that Bitcoin is currently in a bull market, supported by the 50-week exponential moving average (1W 50EMA), which has historically indicated market cycles.

Bitcoin is trading significantly above this key moving average, reinforcing the idea that short positions would likely yield poor risk-reward ratios.

Bitcoin’s Rise Could Widen Wealth Gap and Threaten Economic Stability

He also pointed out a bullish breakout from a seven-month downtrend channel, suggesting that a resistance test and subsequent retracement could lead to further upward movement. Currently, he is monitoring a key price level between $72,000 and $73,800, which aligns with Bitcoin’s all-time high.

However, he warned that if Bitcoin drops below $64,115, it could invalidate this bullish outlook and suggest a return to a downtrend.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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