A closely followed crypto analyst thinks that Bitcoin (BTC) and Ethereum (ETH) will continue their upward movements.
Analyst Kevin Svenson tells his 112,600 Twitter followers that both Bitcoin and Ethereum are giving bullish signals on lower timeframes. told.
“[BTC ve ETH] It looks like it will break to the upside. Bitcoin price is really low, it looks like it wants to explode. Ethereum leads, almost experiencing breakout again [ve] about to form a beautiful higher low.”
The crypto strategist also issues a warning to traders who plan to short Bitcoin and Ethereum.
“I think it’s really dangerous to try to short the momentum. your EMAs [üstel hareketli ortalamalar] You cannot open a short position while showing you that the momentum is increasing.”
Taking a closer look at Ethereum, Svenson said that the 20-day EMA is about to break above the 100-day EMA. states. According to the analyst, this indicates that the momentum is shifting to the side of the ETH bulls.
“What I find interesting is, frankly, short-term yellow here [20] We had a rapid change in the EMA, but this is 100 per day. [EMA] It’s about passing. I would say this is quite important, quite important.
The 100 EMA had already turned horizontal and is now starting to rise. The momentum is really shifting right now, really rising.”
According to Svenson, the intersection between the two EMAs could trigger a rally towards Ethereum’s macro resistance, $2,500.
“We’re going to get this intersection. Momentum outweighs. We can go up to $2500.”
Svenson warns that while Ethereum is bullish in the near-term, ETH may continue its downtrend once it reaches diagonal resistance.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.