A popular crypto strategist and trader is naming one altcoin that’s poised to surge while predicting that Bitcoin is gearing up for a rally.
Pseudonymous crypto analyst Pentoshi tells his 425,000 Twitter followers that he’s keeping a close watch on XYO Network (XYO), a blockchain that lets users mine tokens while recording datasets that have locational and geographical information tied to their smartphones.
According to the crypto strategist, XYO is threatening to take out a crucial resistance and ignite a potential surge of over 70% from its current price of $0.035.
“XYO on my watchlist.
#3 in volume on Coinbase is a great sign.
Looking for S/R (resistance to support) flip for clean entry.
Volume leads me to believe a bigger move is coming but have to be careful with entries so I’ll pay a little for confirmation.”
As for Bitcoin (BTC), the crypto strategist says that the leading cryptocurrency has likely printed a local bottom and is now preparing for a bounce.
According to Pentoshi, the current bearish sentiment will force retail traders to jump in on Bitcoin once BTC moves higher.
“BTC update: squiggly line doing its work. Caught some little fish in the net. Life is good.
Plebs selling into absorption.
Imagine not being bearish from $60,000 down until here and then flipping [bearish] at areas of demand. Liquidity stops price from moving. Price has met it. When plebs realized they flipped short, they will become buyers as price forces them to act.”
Pentoshi adds that BTC’s false break below support at $46,000 puts the king crypto in a position to liquidate shorts and drive prices to around $53,000.
“Thick bids with low effort/conviction from sell-side = sell-side offside.
Breakdown + reclaim what we need to get back to grab that liquidity above.
BTC set up for that here to squeeze.”
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Featured Image: Shutterstock/Vectorpocket/Natalia Siiatovskaia
