A popular analyst has updated his outlook on Bitcoin, Dogecoin, and an altcoin that have exploded in the past 24 hours. Another crypto analyst is predicting a massive rally for the Ethereum-based altcoin. He also says that Bitcoin is lining up for strong movement. We have compiled the forecasts of analysts for our readers.
Analyst pending in BTC, shorts for two altcoins
The analyst, nicknamed AltcoinSherpa, says that the leading crypto is not in a good level for investment at the moment. The analyst makes the following statement:
BTC: The levels I watch if we break this current area. Things look interesting. However, I still don’t think you should buy this available space.
The analyst’s list also includes the popular meme coin Dogecoin. AltcoinSherpa sees it as possible for DOGE to enter the double top pattern. But he says doing so will largely depend on BTC’s performance. In this context, the analyst makes the following assessment:
DOGE: I’m still short. Pretty close to first attempt. I stopped quite a bit at the beginning and already got half of it in the TP1 area. Determining if this is a double top area will really depend on BTC, I think. Worst of all, it’s a fence.
Meanwhile, double top patterns are a bearish reversal pattern that occurs after an asset reaches a high price point twice.
AltcoinSherpa concludes its analysis by saying that SushiSwap (SUSHI) is worth shorting, despite gaining over 16% in the last 24 hours. He expresses this view as follows:
SUSHI: Announced that a new chief has an ascension drive. We’re seeing some interesting moves in the DeFi industry. I still honestly think it’s a good short. It’s entering a supply zone and has recently made a big move. If it goes through here, it obviously reverses the bias.
LINK shows relative strength, according to analyst
cryptocoin.com A closely-followed analyst, Pentoshi, whose analysis we have analyzed as a affiliate, says that the decentralized oracle network Chainlink (LINK) shows relative strength against the broader crypto market. According to Pentoshi, Chainlink is trading at a level that serves as a starting point in December 2020 before surging to an all-time high of $52.20 the following year. Analyst comments for LINK:
The charts look above average at higher timeframe support for the USD pair extending into 2020. He will call it a mid-term game going to stake in December.
At the time of writing, LINK is changing hands at $7.79. A move towards Pentoshi’s $12.45 target, as illustrated in the chart above, indicates an upside potential of around 60% for the altcoin.
Pentoshi expects bear market rally for Bitcoin
Pentoshi, who looks at Bitcoin (BTC), says that the leading crypto is preparing for wild price swings after months of trading in a narrow range. In this context, the analyst makes the following statement:
When you look at BTC dominance and BTC itself, everything indicates that we are about to make a pretty strong move. Everything is coming together right now. After a month of basically nothing but moving over 2% to each other, it’s time for some volatility.
As for the likely direction of the big move, Pentoshi believes that Bitcoin is likely ready for an upside turn. He explains his view as follows:
I think these are at least signs of a locally occurring short-term bottom. I think the bear market rally is set to happen soon. Again. I’d rather be a buyer at such a level than shorting it. If there’s one great place to go wrong for me, this is it.
According to Pentoshi’s chart, Bitcoin is trading above the weekly support level as it forms a possible double bottom pattern.
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