A closely followed crypto analyst and trader, Ethereum When summarizing potential sublevels for bitcoinHe stated that he was preparing to recover and leap forward.
Smart Contracter analyst, known by the pseudonym, has over 190,000 followers twitter He stated from his account that Bitcoin started to give signals and that the correction was almost over.
“There is no sign of a ‘return’ yet, but I think we have reached our final ‘capitulation’ volume and I think Bitcoin (BTC) is following a scenario where it will bounce to $63,000 even in the worst case. Obviously the best case could result in a new all-time high.”
The analyst uses the ‘Elliott Wave’ technique, a technical analysis that predicts future price movements by following the psychology of market participants, which tend to manifest in waves. According to the analyst’s chart, Bitcoin (BTC) has completed a five-wave correction and is poised to take a leap forward.
Also talking about Etheruem (ETH), Smart Contracter added that he expects ETH to continue correcting, besides noting the levels at which ETH may start to bounce.
“I am worried about Ethereum (ETH), at least in the medium term. We made an argument a US on the 4-hour chart to the 0.618 Fibonacci level after a five-wave drop. (I) have done some selling here and will reassess any capitulation of $3600-3800. I may be wrong, but I’d rather be safe than sorry.
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