Crypto

Top Crypto Trader Predicts Sequel For Bitcoin, Ethereum And One Altcoin That’s Surged Over 120% In Two Months Cointelegraph

A popular analyst sets updated price targets for a trio of cryptocurrencies as markets head into the weekend.

Pseudonymous crypto trader Altcoin Sherpa first examined the possibility that Bitcoin (BTC) is in an accumulation phase and is preparing for a major rally in the coming weeks, but warns its 182,600 Twitter followers that the prevailing bearish sentiment makes this unlikely.

“I don’t see that as the bottom line yet, but if it does, I expect $18,000 to be taken out regardless.

Some sort of double bottom/longer accumulation bottom are two potential patterns you might see.

Still, the trend is bearish, so don’t expect that.

Source: Altcoin Sherpa/Twitter

The analyst said he carefully watches the $19,000 level as a strong support zone for BTC, but cautions inexperienced traders against investing in Bitcoin at this price.

“I still think $19,000 is the area I’m interested in, lots of support there.

It’s a very choppy environment, I wouldn’t recommend actively trading unless you know what you’re doing.

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Source: Altcoin Sherpa/Twitter

Bitcoin price has been on a rollercoaster ride all week, currently priced at $19,920.

Next Altcoin Sherpa analyzes the mid-August price surge that briefly sent Ethereum (ETH) above $2,000. He sees $1,730 as a possible success zone for the leading smart contract platform.

“I still think this recent move was a bear market rally, but I will continue to watch it – if we see a strong breakout of recent highs, maybe some kind of [cup and handle] model will play?

$1,730 remains a solid area to watch.

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Source: Altcoin Sherpa/Twitter

The analyst then provides a chart plotting Ethereum’s Exponential Moving Averages (EMAs) snaking through four-hour candles dating back to early July. He predicts a breakout above $1,800 but does not know where ETH will go next.

“It’s nice to see the EMAs resetting a bit. I wouldn’t be surprised to see this be the relative bottom.

I think we see more range for a bit longer and then a move to low $1800 – after that I have no idea.

Look at the double tops.

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Source: Altcoin Sherpa/Twitter

Ethereum had a pretty positive week of trading and quickly bounced back after dropping below $1,500 last Sunday.

ETH is currently priced at $1,573.

Last on the list of chart experts is Chiliz (CHZ), the utility token from sports fan engagement platform Socios.com which has had an incredible run over the past few weeks. The CHZ token is up over 130% since early July.

Altcoin Sherpa believes Chiliz will inevitably have to backtrack after such a big rally, but adds that he is not yet ready to bet against the altcoin.

“I expect it to be another run for the highs, but overall I think it will probably go down after such a strong run.

No shorting here, though.

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Source: Altcoin Sherpa/Twitter

Chiliz is currently the 50th largest crypto asset by market capitalization, up 3.90% in the last 24 hours and trading at $0.21.

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/Kartavaya Olya/Sol Invictus/Monkographic



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