A futures and forex trading expert says Bitcoin traders should exercise caution as BTC hovers well above the $16,000 mark.
In a new post on TradingView, Marc Principato, the executive director of trading and investment analysis firm Green Bridge Investing, says he thinks it’s dangerous to go long on BTC with the chance that some will take profits at the leading cryptocurrency’s current levels.
He says traders shouldn’t get “sucked into the hype,” and he’s been preparing for a BTC correction since it first breached the $15,000 mark.
In the short term, he expects Bitcoin to correct to as low as $13,600 before a push toward all-time highs begins.
“As of right now, there is still no reason to take any longs. The nearest significant support level continues to be in the mid $13,000 to low $14,000.
Our plan requires 3 things to unfold before we can assume any risk: 1st we need