The crypto strategist, who correctly predicted Bitcoin’s 2018 bottom, shared his current assessments for Ethereum (ETH) and an altcoin.
The analyst, known by the alias Smart Contracter, told his 210,000 Twitter followers that the leading altcoin Ethereum reached a bullish milestone this week after recovering a key indicator. told.
“ETH retraced its 200-week moving average this week. BTC probably next week [aynısını yapacak]. For me, the period of decline is definitely over.”
It can be seen that the analyst makes use of Elliott Wave theory in his forecasting. Elliot Wave theory is a technical analysis tool that manifests in waves and predicts future price movements by following crowd psychology. According to the theory, an asset goes through a five-wave cycle before reversing a major trend. Looking at the analyst’s chart, it seems that the leading altcoin Ethereum completed the ABC wave and the trend reversed.
The crypto analyst also examined Ethereum against Bitcoin (ETH/BTC). Smart Contracter predicts a steep rise from the current level of 0.069 BTC ($ 1,528) to 0.10 BTC ($ 2,215) for the pair.
“ETH/BTC is gaining strength, easily surpassing 0.065 resistance…”
Another altcoin on the investor’s radar is Binance Coin, the crypto exchange giant’s own asset. Smart Contracter said that BNB looks set to go up against Bitcoin (BNB/BTC) and set new all-time highs.
“BNB/BTC is on the verge of exiting almost a year and a half of consolidation. I think once it’s out of consolidation, it will move straight up with no peak resistance in sight. ”
At the time of writing, BNB/BTC is sitting at 0.0117 BTC ($258.94) and is close to hitting the altcoin Smart Contracter’s resistance around 0.012 BTC ($265.58).
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.