Analysts Explain Why Buying Bitcoin at $16,000 is Risky

RBNGhQSE 980x580

Bitcoin bulls should brace for inflection as the cryptocurrency closes above $16,000, according to Marc Principato of Green Bridge Investing. The executive director projected the level as an opportunity for traders to lock in some profits. He also added that they would most likely put that money back into the Bitcoin market at lower levels, warning optimists that they should not open any long positions near $16,000 as a result. “Our plan requires 3 things to unfold before we can assume any risk,” said Mr. Principato in a note published Monday. “First, we need to reach a predetermined level (14,250 to 13,600). Second, we need price action to produce a clear setup (chart pattern, candlestick pattern, etc.). And third, we need confirmation.” “Once we can measure risk and determine a favorable probability, we are prompted to share our idea and put on a new swing trade,” he added. Expiring Fundamentals…

Read the original article here