Trader Warns of Sell-Off for Controversial Altcoin
A well-known crypto trader, Altcoin Sherpa, warns that Worldcoin (WLD), a low-cap altcoin, is likely to experience more sell-off events despite a recent bounce. The trader advises selling the coin and not holding it for the long run.
Key Points:
– Worldcoin (WLD) is in a downward trend and should be shorted.
– Bitcoin (BTC) may retest the $25,000 level before a move to the upside.
– Bitcoin could form a bearish pattern after a bounce, so caution is advised.
– Bitcoin’s macro uptrend is at risk if it falls below $25,000.
– Volatility is expected in the crypto market over the next day.
Bitcoin’s Outlook
Altcoin Sherpa believes that Bitcoin will likely retest the $25,000 level before bouncing back. However, he also warns that if Bitcoin falls below $25,000, it could confirm a lower low and put the macro uptrend at risk. It is advised to be patient with entries and expect volatility in the market.
Hot Take:
While the recent bounce may provide temporary relief for Worldcoin (WLD), Altcoin Sherpa cautions against holding the coin for the long run. As for Bitcoin, the trader advises waiting for a retest of the $25,000 level before considering long positions. Overall, caution and patience are key in navigating the current crypto market.
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