کیا یہ آپ کی کریپٹو کرنسی خریدنے یا بیچنے کا وقت ہے؟

Popular YouTuber and crypto enthusiast Sheldon Evans explained whether it is time to buy or sell cryptocurrencies. Evans looked at various technical indicators to explain what is happening in the کرپٹو بازار.

First off, Evans looked at the BTC/USD chart which was showing an imminent breakout. However, the analysts highlighted that it was yet unclear whether this would lead to a price rise or fall. Evans also added that he does not believe that the crypto market is entering a bearish season. He however suggested that the market could experience a bearish trend for a few weeks.

Evans went on to mention that current market sentiment regarding Bitcoin potentially failing to $20,000 is split. On the one hand, some believe a fall would be good for the market as it would allow for new entrants. On the other hand, Evans thinks this would lead to an erosion of investor confidence. Also, it could scare potential investors away while negatively skewing the perception of crypto as a whole.

Sell the Pump, Buy the Dip

The analyst also spoke about the looming death cross. Evans commended fellow analyst Ben Cohen for being the first to notice the pattern. Also, Evans explained that a death cross is a lagging indicator, meaning it shows what has already happened. As such, to get a good idea of what could happen if the pattern comes to pass, Evans looked at some historical data.

In 2018, the death cross led to a 70% Bitcoin price slump. Then again in 2020, the pattern preceded a 40% dip. However, in each case, the culmination of the cross led to a brief price pump, before taking a drastic fall. If the market follows a similar pattern, investors can sell the pump and buy the subsequent dip to make a profit.

Evans also looked at the Stock to Flow Model. The model has proved reliable in the past, however, Evans indicated that models can be broken under unexpected market conditions. In any case, the model currently shows that BTC is grossly undervalued. As such, the top crypto is at a point where a strong reversal is imminent.

Finally, Evans looked at the Fear and Greed Chart which shows that Bitcoin’s fear level has dropped really low. In fact, BTC is at a level where a reversal can happen at any moment.

The YouTuber concluded by mentioning that Bitcoin’s fundamentals are currently strong. This is due to a series of bullish news updates such as MicroStrategy’s oversubscribed junk bonds, El Salvador’s Bitcoin adoption. In addition, US President Joe Biden’s tech advisor recently disclosed that he owns $1 to $5 million in Bitcoin.

As a result, Evans believes it is only a matter of time before the market responds to all this good news. However, the analyst’s recommendation was that it is impossible to accurately predict the future.

پر ہمارے ساتھ چلیے ٹویٹر, تار اور گوگل نیوز

Source: https://coinquora.com/is-it-time-to-buy-or-sell-your-cryptocurrency/