In general, the prices of cryptocurrencies can change quickly due to the volatility of the market. Therefore, cryptocurrency analysts use many different tools and indicators to predict prices and suggest strategies for investors to invest. In this article, we will share the current forecasts of a widely followed crypto analyst for Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE). The analyst predicts a short-term decline for Bitcoin. Here are the details.
The analyst, known by the altcoin alias Sherpa, first said that Bitcoin could drop by about 6% from its current value of $28,210. told.
The trader pointed out that Bitcoin has been moving between $28,800 and $26,500 for the past few weeks. The analyst predicts that the Bitcoin price may return to the lower range.
“BTC: Bitcoin has at least EQ [dengeye] I think it will drop a little more. $26,500 is also an important level; this level is the bottom of the range and corresponds to the 200-EMA on the 4-hour chart [üstel hareketli ortalama]. I’m still following.”
On the other hand, the analyst predicts that the price will move between the $27,000 and $28,000 levels for a while before making a significant move:
“There are some very quick thoughts about Bitcoin. Price could move here for a few more weeks, we still haven’t seen any clarity. On the lower timeframes, the EMAs all line up pretty well and I think they look good. However, on the 4-hour chart, the 200 EMA is located around the interest area of $26,500.”
BTC briefly dropped below $28,000 in the early hours of Thursday, but has since climbed back up to $28,066.
Later, Altcoin Sherpa said that Ethereum should maintain the $1,800 level, otherwise it could drop to $1,750. According to the analyst, if it maintains the $1,800 level, ETH will likely rise to the $2,000 range.
“ETH: I think the important level coming here is really about the protection of $1,800 or the last move would just be a divergence. And we are not seeing any altcoin season anytime soon.”
Finally, Altcoin Sherpa analyzes Dogecoin and uses Fibonacci levels, a technical analysis method to determine support-resistance levels in its analysis.
“DOGE: It should jump from one of these areas, but I don’t know where. The 200-day EMA is located at the .786 fib level ($0.0824). A full comeback would be pretty normal for what DOGE likes to do.”
You can follow the current price action here.