A closely followed crypto analyst is optimistic against a well-known Ethereum (ETH) rival and predicts a bearish reversal for Bitcoin (BTC).
popular analyst Smart Contractersmart contract platform, an Ethereum competitor to 204,500 Twitter followers AvalancheHe stated that AVAX (AVAX) is following the price action. The crypto strategist said he believes AVAX is ready for a strong rally after completing a correction pattern. on the AVAX chart to ABC formation Notable analyst said:
“When it comes to altcoins, I really look for AVAX. Not only did it have a very strong reaction from a huge 0.618 (support) level, but the move down from the highs also created a three-wave ABC retracement pattern. I expect this to outperform many altcoins, potentially even at all-time highs.”
Smart Contracter is a theory of technical analysis that tends to manifest in waves and predicts future price action by following the psychology of the crowd. Elliott WaveIt is a popular practitioner of . According to Elliott Wave theory, an asset is likely to resume an uptrend after completing the ABC retracement pattern.
bitcoinThe crypto analyst, who also reviewed , says that BTC is showing signs of strength after it managed to close above the critical resistance that has hindered leading crypto since November.
“Sturdy daily close above downtrend. Almost three months later, the first signs of bullish market structure.”
Smart Contracter has long-term bullish prospects in Bitcoin. Last month, as BTC grappled with concerns “could it break the $30,000 support”, the crypto strategist said that Bitcoin this year your $100,000 He had anticipated that he would rise above him.
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.