A widely-followed crypto analyst is warning traders about Bitcoin and Ethereum’s short-term prospects.
According to Credible Crypto, Bitcoin is now at the crossroads after a rally that saw the flagship cryptocurrency touch $12,000 several times this month.
He says a significant correction is likely if the king coin is unable to stay above $11,800. If BTC drops below that line, he says the next levels of support are at $11,660, $11,100, and $10,560.
“Alright, moment of truth. It’s gonna come down to this. Lose this level on a closing basis and I expect we go for the dotted green lines and the rest of the market will take a hit too. Be cautious with current positions. No coin will be immune to this.”
The analyst says Ethereum as well as Kyber Network are also showing signs of a coming pullback.
“I can’t ignore what I am seeing across the board. I said earlier this week I am expecting dips on coins like ETH and KNC. Those dips are underway, but targets haven’t been met yet. Took profits on a good chunk of my positions, I think we fall further over the coming days.”
Although he says a significant drop in the price of Bitcoin will have a negative impact on the crypto market at large, Credible Crypto says XRP and COMP are two of his top picks in the weeks and months ahead.
Target 2 met. Added to my position. Send $COMP to the heavens. https://t.co/QWbALo4XUh pic.twitter.com/EX3LNzIUYP
— CrediBULL Crypto (@CredibleCrypto) August 19, 2020
The strategist says he’s seeing an unusually high number of responses to his posts on XRP from traders who are bearish. He views the sentiment as a counter-indicator that suggests XRP has formed a bottom and is ready to take off.
“On a scale of baby bear cub to black bear, the comments under my latest XRP chart are grizzly bearish. Load the rocket fuel boys, we’re going to the moon soon.”
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