A famous analyst is setting updated price targets for three cryptocurrencies as the markets approach the weekend.
Cryptocurrency trader with the pseudonym Altcoin Sherpa first check The possibility that Bitcoin (BTC) is in an accumulating phase and is poised for a big rally in the coming weeks, but he warns his 182,600 Twitter followers that the prevailing bearish trend makes this hypothesis unlikely.
“I don’t see that as quite the bottom yet, but if it is, I would expect to take out $18,000 regardless.
A kind of double bottom/longer accumulation bottom are two possible patterns you might see.
However, the trend is downward, so don’t expect this.”
analyst Says He is watching with interest the $19,000 level as a strong support area for BTC but cautions inexperienced traders not to invest in Bitcoin at this price.
“I still think $19,000 is my area of interest, a lot of support there.
It’s a very volatile environment, and I wouldn’t recommend active trading unless you know what you’re doing.”
Bitcoin price has gone on a long ride all week, and it currently stands at $19,920.
Next Altcoin Sherpa Analytics The mid-August price hike that briefly brought Ethereum (ETH) back above $2000. He is eyeing $1,730 as a potential area of fulfillment or outage for the leading smart contract platform.
“I still think this latest move was a bear market rally but I will continue to watch – if we see a strong breakout of the recent higher highs, maybe somewhat [cup and handle] Which style will you play with?
$1,730 is still a solid area to watch.”
Next Analyzer Provides Histogram plotting Ethereum exponential moving averages (EMAs) zigzag through the four-hour candles dating back to early July. He is expecting a breakout above $1800, but he is still not sure where ETH will go next.
“It’s good to see the EMAs reset a bit. I wouldn’t be surprised to see this is a relative bottom.
I think we see more range for a bit longer and then go to $1800 minimum – after that, I have no idea.
Watch the double shirts.”
Ethereum had a mostly positive week of trading and quickly rebounded from a dip below $1,500 last Sunday.
ETH is currently priced at $1,573.
Latest on the list of chart experts is Chiliz (CHZ), the utility code for sports fan sharing platform Socios.com that has been working amazingly for the past weeks. The CHZ token is up over 130% since early July.
Altcoin Sherpa Believes Chiliz will inevitably have to correct after such a massive rally, but adds that he is not willing to bet against altcoin just yet.
“I expect this to do another run at the higher levels but overall, I think this is likely to go down after such strong runs.
Not shorter here, though.”
Chiliz is currently the 50th largest crypto asset by market capitalization, up 3.90% in the past 24 hours and trading at $0.21.
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