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Economist Peter Schiff indicates a sell-signal for the Bitcoin (BTC) hodlers as a Christmas gift to them. In a tweet in the past day, Schiff asserted that BTC has a high risk at the downside and the upside potential is low. Also, he added that the support zone around $18,300 is now the resistance for the coin.
My #Christmas gift to #HODLers is this #Bitcoin chart. As you can see Bitcoin is much closer to its ceiling than its floor. The yellow line that was once support is now resistance. Since the upside potential is so low and downside risk so high, the smart move is to sell today. pic.twitter.com/lPOLABGEQQ
— Peter Schiff (@PeterSchiff) December 25, 2022
Additionally, the crypto strategist analyzed that BTC is closer to its ceiling price than its floor price. According to him, all of these reasons signal that selling the coin is the smartest move, at that moment.
Moreover, Schiff remarked that BTC looked a bit like gold back in 1999, but he is dubious that it will not follow the same path as gold. Instead, “BTC will likely break down, unlike gold”, he added.
Diving into price analysis, BTC is currently clocked at $16,860, a 0.15% high over the past 24 hours. As Schiff suggested, BTC is below the $18,300 support zone, which is also the coin’s resistance zone since November 9.
The 20-day moving average is not very close to the current red candle. This indicates that BTC would not see a hike in intraday trading. The RSI reading for BTC is 47.77, denoting that there are more sellers than buyers.
In another technical aspect, BTC showed uniform upper candle ticks from November 30 to December 12. This means that BTC had a similar highest intraday price in the mentioned days. At the moment, BTC seems to be following this uniform trading pattern. If this pattern continues, BTC price would see a surge as on December 13.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.