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Cryptocurrency experts advise traders not to short every time the price pumps

WikiBit 2023-09-18 15:34

Abstract:Cryptocurrency experts advise traders not to short every time the price pumps

Traders have been advised not to short every time the price pumps. The advice appeared in a post on X by Whale Analysis, a personality that claims to help people make money in the bear market. According to Whale Analysis, there is a new trend in which a few coins increase more than 50% in a single day for no identifiable reason.

Whale Analysis notes that this trend has been present for weeks and is likely to liquidate short positions. He identified several coins that have experienced such significant price increases over the past few weeks, including CYBER, PERP, TRB, and HIFI.

Data from TradingView shows that CYBER increased from $3.65 on August 30 to $16.23 on September 1. It increased 341% in 4 days before falling to its current price of $5.

From September 5 to 8, PERP increased from $0.64 to $1.23, an increase of 91%. The price consolidated after the spike and is now trading at $0.65.

TRB's rally has lasted longer than CYBER and PERP. The move that began on August 26 saw TRB rise from $9.90 to $48.90 before falling to its current price of $39.20. TRB surged 398% at the start of the bull run, making it one of the top performers in September 2023.

HIFI topped the group with a 589% gain between September 2 and 16. It rose from $0.39 to $2.63 before the consolidation. HIFI was trading for $1.16 at the time of writing, according to data from TradingView.

Whale Analysis advises traders intending to short these coins to use a small percentage of their futures portfolio, keep leverage low and set stop losses. According to the market analyst, no technical or fundamental analysis is effective for these coins as they intend to stimulate as many liquidators as possible. He believes this is a deliberate pump & dump approach used by whales.

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