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Bitcoin At Risk of “Faking Out” As Price Hovers Near $60,000, Analyst Asserts

A recent wild run-up in the Bitcoin market faces risks of faltering as traders hesitate to buy the cryptocurrency at higher rates, asserts Marc Principato, the executive director at Green Bridge Investing, a cross-market investment management firm.
Bitcoin to $50,000?
The analyst warned in a note to followers that BTC/USD could pare its latest gains, calling the 58,200-62,100 area as a reversal zone. He added that traders could confirm a rising sell-off sentiment if bitcoin’s daily candles form lower lows. Should that happen, the cryptocurrency risks falling to as low as $50,000.
“If I am going to look for a new swing trade long, I would be most interested in setups that unfold there,” said Mr. Principato as he warned traders against opening new bullish positions at the recent highs.
Bitcoin trade setup, as presented by Marc Principato. Source: BTCUSD on TradingView.com
The analyst cited the prominent Elliot Wave theory to guess the next crucial Bitcoin levels. He noted that the first sell-off from $57,000 could spark a broad correction move.
“These are very tricky and can even make a new high (like we see now) before they become obvious,” Mr. Principato wrote. “If the swing from 57K to 45K was Wave A, this current run from 45K to 61K may be Wave B (typically 3 legs which are now clear in the formation).”
“Confirmation will be in place if the 50K support is taken out. If a Wave C unfolds from here, it can take price back to 37K potentially …
Story continues on Bitcoinist

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