This Maybe the Right Time to Short Bitcoin, BTC Prices Flashes Bearish Signals

The post This Maybe the Right Time to Short Bitcoin, BTC Prices Flashes Bearish Signals appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The Crypto space and the Stock market continue to remain extremely volatile may be due to external factors. The BTC price which had surged above $45,000 since the beginning of the month, plunged drastically and now displaying a huge possibility of visiting lower support below $35,000 very soon. However, a drastic pullback may also drag the price too as low as $32,000 in the upcoming days. And hence indicating that the current phase may be a pretty good time to short Bitcoin. 

As Coinpedia reported earlier that it was not the right time to buy Bitcoin. Mainly because it may fake a flip from the downtrend. And hence, conversely, it may be the right time to short BTC as there are huge possibilities of the asset reaching lower lows shortly. A popular analyst lets out the trading plan for the upcoming week. 

#BTC – Plan going into next week

– Price tapped a H1 demand over the weekend. If we can reclaim the swing high, may look at a long into a lower high.

– Looking for shorts if we do get an early week rally

– Looking for swing longs ~32k

Lights out if we lose D3 demand. pic.twitter.com/dW03FkqCXU

— CJ (@IrnCrypt) March 6, 2022

Analyst says that the BTC price is tapped into the lower levels in between $38,000 to $40,000 over the weekend. Therefore, if the asset manages to swing from here, then a notable lower high may be expected. Else, a significant downtrend may be continued throughout the week until the price plunges close to $33,000. And here is when one can expect a significant bounce towards $44,000. 

As predicted by many, the Bitcoin(BTC) price may yet again slip down after hitting the $44,000 levels, yet attempt hard to sustain above $40,000. However, if in case the asset continues to plunge beyond $33,000, then there may be fewer chances of a rebound. Moreover, the asset may further remain restricted below $35,000 for quite a long time.