A crypto strategist who built his huge following with timely Bitcoin calls says he is expecting rallies for both BTC and Ethereum (ETH).
Pseudonymous analyst Smart Contracter tells his 208,700 Twitter followers that a sustained Ethereum bounce is in sight after the leading smart contract platform managed to stay above the 0.618 Fibonacci level.
“Nice move from the 0.618 on ETH, looking good for a move to $1,400 or so. Can definitely tell volatility is dwindling as it took bounce days to actually get a decent bounce from this level.”
At time of writing, Ethereum is changing hands for $1,134, down a little over 1% on the day.
Looking at Bitcoin, Smart Contracter says that BTC also had a constructive reaction around the 0.618 Fibonacci area, which he notes bodes well for the top crypto by market cap.
“Beautiful reaction from the 0.618 on BTC right into the daily close. It pays to have a plan and execute on it.”
Bitcoin’s reaction above the 0.618 Fibonacci level is aligned with Smart Contracter’s view that BTC is gearing up for a rally. Late last month, the analyst said that Bitcoin traders appeared to be accumulating BTC and he expected a bounce to at least $24,000.
“Every day BTC begins to look more and more like accumulation. Planning to max bid between $19,000-$19,000 whether its the ultimate bottom or just a mid-term one, I’m still unsure but I think we’ll get minimum $24,000.”
At time of writing, Bitcoin is trading for $20,273.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/urzine/oneshot1