Pseudonymous analyst Credible tells his 338,00 Twitter followers that he sees Bitcoin leading a crypto market bounce in the coming days.
“Expectations on ETH in the coming days with idea for BTC shared two days ago. BTC leads the market with some relief. ETH bounces.”
Looking at Credible’s chart, he expects Bitcoin to carve a low at around $19,000 before bouncing to $23,400. At time of writing, BTC is trading at $19,826, down over 1% on the day.
Credible also says that while he expects BTC to print a bullish higher low setup after the rally, he sees Ethereum taking the opposite route.
“On the way back down, however, BTC puts in a higher low, ETH/USD puts in a lower low. This sends ETH/BTC down and starts the big decline on ETH/BTC.”
Based on the analyst’s chart, Ethereum looks poised to correct to around $1,200 just as Bitcoin starts another leg up by the second week of September. As for Ethereum against Bitcoin (ETH/BTC), Credible predicts a more than 50% correction for the pair.
According to Credible, his bearish mid-term outlook on Ethereum has nothing to do with the smart contract platform’s impending upgrade.
“Has nothing to do with The Merge… Just the ETH/BTC chart being at major resistance and bullish on BTC, and knowing that BTC leads the market during every impulsive movement in it’s history.”
At time of writing, Ethereum is changing hands for $1,448 while the ETH/BTC pair trades at 0.073 BTC.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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