A widely followed trader is exploring the near-term outlook of the two largest-crypto assets and one altcoin that has recently printed massive gains.
Starting with Bitcoin (BTC), the trader known as Altcoin Sherpa tells his 180,600 Twitter followers that the flagship crypto asset could sustain its bullish momentum if it manages to overcome a key resistance level.
“BTC: Getting closer and closer… We break $24,000 solidly and I think we see high $20,000s after.”
Bitcoin is trading at $23,752 at time of writing.
Altcoin Sherpa also highlights a number of technical indicators suggesting that a move to the upside appears imminent. However, he remains cautious that BTC can still possibly revisit its bear market lows.
“BTC: A few notes:
-First potential bullish major on the four-hour chart since end of March.
-First bullish exponential moving average crossing since March.
-Still high timeframe bearish on the daily chart.
-NOT a macro reversal in my opinion, doubtful it goes past high $20,000.
-I still think $17,000s will get swept eventually.”
Looking at Ethereum (ETH), Altcoin Sherpa says the second-largest crypto asset by market cap will likely continue to outpace other crypto assets. The crypto strategist shares the chart of Solana against Ethereum (SOL/ETH) to show that SOL is in a downtrend against the leading smart contract platform.
“Is ETH going to just keep outperforming everything (BTC included)? Or is anything else going to outpace it? Interesting to see the layer-1/ETH pairs right now: SOL and AVAX.
I personally think ETH just continues to outperform in the midterm but that’s just me.”
Altcoin Sherpa says it’s the same case for the Avalanche against Ethereum (AVAX/ETH) pair.
Ethereum is exchanging hands at $1,714 at time of writing.
Another altcoin on the trader’s radar is the Ethereum hard fork Ethereum Classic (ETC). The smart contract platform surged from $13.92 on July 14th to its recent high of $45.27 on July 29th, an increase of more than 225% in about two weeks.
Altcoin Sherpa says that Ethereum Classic is likely due for one more leg up toward its immediate resistance before a correction could take place.
“ETC: I’ve been gone the last 10 days relatively so I missed this entire move. Looking for shorts in the high $30s. I think that this is a decent short due to the length of time spent in between each peak + this will need to cool. I have my alerts.”
Ethereum Classic is trading at $40.17 at time of writing.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Bruce Rolff