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.
— Credible 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.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/QQ7