LIVE*3 crypto to avoid trading next week*
1. AVOID TRADING BITCOIN (BTC) AT THE $52,000 resistance*
First, Bitcoin (BTC) is a cryptocurrency to avoid trading in the current price zone. BTC is testing a key multi-year resistance at around $52,200. This zone acted as an important price support and resistance in 2021.
Following the uncertainty, Bitcoin has registered a low exchange volume since February 14, when it entered this tight range. Anything is possible now, and BTC could either retrace from the bull rally or continue trending upwards. The best move here is probably to wait for the definition of its further price action.
2.Arkham (ARKM) in an ‘overbought’ momentum*
From another perspective, Arkham (ARKM) is trading with an overbought Relative Strength Index (RSI) in four different time frames. This is an indicator of extreme strength usually seen in bull markets.
However, being overbought usually precedes trend reversals if the cryptocurrency starts losing momentum in lower time frames. So far, ARKM is not showing trend reversal signals, but the RSI is high enough for a sudden correction.
Thus, investors should avoid trading Arkham at these prices of $0.82, up 23.16% in the last 24 hours.
3.*Jupiter (JUP) in an ‘oversold’ momentum*
On the other hand, Jupiter (JUP) presents an ‘oversold’ daily RSI of 29.94. JUP is down 0.29% while trading at $0.517 by press time.
Interestingly, Jupiter’s 4-hour RSI is neutral, suggesting a trend reversal and possibly a buy signal. Nevertheless, the team recently performed a massive airdrop of the token, which creates extra risks for JUP. Therefore, the suggestion is to avoid trading it with such a risk of sell-off continuation by early investors.
