The recent sell-off in the bitcoin market has brought the price down by more than 15 percent in just five days. The downside action has appeared against the backdrop of a dwindling global economy, shaking the beliefs of many who consider bitcoin as a safe-haven asset against gloomy macroeconomic sentiments. The absence of big hedging moves is strengthening the cryptocurrency’s bearish bias in the near-term.But, says Scott Melker of TexasWest Capital, a downside move in bitcoin charts should not become one’s instinct of panic-selling their holdings. The cryptocurrency analyst stated today that it is time for investors to do nothing: neither sell nor buy – not until the market establishes a clear bias.“Don’t get chopped up trying to trade bitcoin right now,” said Melker. “Best to wait for a clear move on a higher time frame and not swim with the whales while they’re playing games. This price action is likely to abuse bulls and bears alike.”
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Author: Davit Babayan
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