The crypto strategist who correctly called Bitcoin’s (BTC) 2018 bear market bottom says two altcoins appear poised for rallies.
Pseudonymous analyst Smart Contracter tells his 215,100 Twitter followers that peer-to-peer payments network Litecoin (LTC) has broken out of a bullish continuation pattern on the lower timeframe.
“Clean four-hour bull flag break on LTC.”
At time of writing, LTC is swapping hands for $79.33, up over 5% on the day and above Smart Contracter’s diagonal resistance.
Next up is the decentralized finance (DeFi) lending and borrowing protocol Aave (AAVE). According to the crypto analyst, AAVE looks primed for an 80% rally after completing an ABC wave on the daily chart.
“I suspect it will take around two months or so to get there and not sure yet if it will be a bear market rally or not. However, I think it looks good here and happy to hold for a few months or so.”
Smart Contracter is a popular practitioner of the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following the psychology of market participants that tends to manifest in waves. According to the theory, an asset tends to start a fresh uptrend after completing a corrective move in the form of an ABC wave.
At time of writing, AAVE is changing hands for $64.17, up over 6% on the day.
Looking at Bitcoin, Smart Contracter says BTC is closely following his bullish script.
“Price action literally doing exactly this…”
Based on the analyst’s chart, he appears to be predicting a BTC rally toward $17,841. At time of writing, BTC is valued at $16,913, up over 4% in the last 24 hours.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/C4Dart