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YouTube’s biggest crypto analyst says there could be more pain for traders in the coming days.
After briefly crossing $13,000 on Wednesday, Nicholas Merten says Bitcoin may now be at the start of another 20-40% retracement.
“In order for me to get bullish yet again and start averaging in my next position, I’m going to have to either wait until we get back above [$12,800] or I’m going to be waiting for it to come down around this range towards the low $10,000’s.
If we break through $10,000, if we can’t solidify support here for a few hours, then I’m going to be averaging another position down here around the $9,000 range. Because that’s going to lead us down to 35%. I really don’t see us getting a 40% correction as much as I’d like to see it, but I do think we could possibly set, as we have over here, a third final low down in this range. I think that would make sense. It’s in line with three previous lower lows here and we would be continuing that trend.”
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Merten says Bitcoin has been more difficult to predict than ever in its current market cycle, but he believes that will change if Bitcoin breaks through its all-time high at $20,000.
“I’m not trying to trade Bitcoin. I want to be very clear to you all. I honestly have gotten to the point where in this rally it’s becoming a lot less predictable than previous rallies. I think that in this kind of trend especially, until we get past $20K, that’s when the trend gets a lot easier to confirm, when the even levels really matter a lot more. I’m just going to be looking to average in. Because I want to get in before we get to $20,000 and really start the next rally where Bitcoin starts to multiply over and over at very large valuations.”
Right now, Bitcoin is down 4.36% at $11,700 according to COIN360. Ethereum is down 4.24% at $273.79, XRP is down 8.55% at $0.3290 and Litecoin is down 3.63% at $103.76.
CoinDesk’s Omkar Godbole says Bitcoin’s daily chart remains bullish as analysts try to plot the path ahead.
Bitcoin
CoinDesk – Higher-lows pattern on daily chart intact, outlook remains bullish
FXStreet – Next level of support for BTC/USD is at $10,650
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Ethereum
BeInCrypto – Next levels of support for ETH near $260 and $230
XRP
FXStreet – Wave of selling pressure kicks in after bears break $0.4000
Litecoin
Blockonomi – LTC price drops below significant support level
Stellar
NewsBTC –XLM may tumble below the second layer of support at $0.07
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