A top crypto strategist and trader has revealed bullish prospects as he thinks the two biggest crypto assets will ignite new rallies in the coming days.
In a new strategy post, the trader known in the industry as Cred predicts that Ethereum will first break the $4,000 resistance on its way to an all-time high.
“At the very least, I can think if we start to break through the resistances and move up we will go to $4,400. Maybe it’s going for $4,600, $4,800, and $5,000.”
While Cred is optimistic about Ethereum, he also warns that the leading smart contract platform may experience correction once it reaches its goals.
As for Bitcoin, Cred says that while the coin is prepared for strong swings, he predicts that after each new rise of BTC, traders will shift to bearish expectation. Besides, it draws attention to the double top formations seen below. It predicts a formation that may occur at the top rather than the double top formation at the bottom of the chart.
“It’s starting to look like there’s a double top pattern here. But that probably won’t be the case because these double tops rarely hold true unless they’re mega lows of the S&P 500. Perhaps another move can be made, such as side consolidation. Then people said, ‘Yes, that was the second leg of the movement. So it’s over.’ he may say. But then here, at $52, you can have a double top. They are really close to each other. It doesn’t make much sense if there isn’t a breakout here (at $52,000). So you can make another third up move.
If this takes a week maybe we’ll go a little lower, but overall this seems like it wants to go up.”
Cred thinks that as long as Bitcoin is above $44,000, it makes more sense to expect the leading cryptocurrency to rise rather than drop.
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.