bitcoin A crypto analyst who correctly predicted the 2018 floor price of (BTC) believes that BTC is poised for a bounce after yesterday’s drop from around $26,500.
Prior to the BTC price drop, analyst nicknamed Smart Contracter told his 222,000 Twitter followers that Bitcoin is showing signs of bullish exhaustion on the hourly chart and may pull back towards its target of around $26,000.
“The momentum in BTC is starting to wane. I think we can retest $26,000 earlier this week.”
After yesterday’s corrective action, Smart Contracter says that the BTC retracement is probably now complete. Also, the leading crypto- He says the asset is unlikely to revisit the higher timeframe support around $25,800.
“Okay, we swept the lows in BTC. Minimum target for withdrawal met. I don’t think we will be testing this perfect high timeframe again.”
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Smart Contracter is a popular practitioner of Elliott Wave theory, an advanced approach to technical analysis that tries to predict future price movements by following crowd psychology, which tends to occur in waves. According to the theory, a bullish asset typically resumes its uptrend following the ABC corrective move.
Looking at the chart of Smart Contracter, it appears that Bitcoin completed the ABC wave on the one-hour timeframe after hitting yesterday’s low.
As we reported as Koinfinans.com, Bitcoin is trading at $ 26,926 at the time of writing.