A widely followed crypto analyst is updating his outlook on Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) as BTC’s rally may be losing steam.
Pseudonymous crypto trader Altcoin Sherpa tells his 194,500 Twitter followers that Bitcoin may dip about 6% from its current value of $28,210.
The trader says Bitcoin has been chopping around in a range between $28,800 and $26,500 for the past few weeks. He predicts it may retrace to the lower level price range, which is also where the 200-day moving average is headed.
“BTC: I think Bitcoin goes a bit lower to the EQ [equilibrium] at a minimum. $26,500 is also a key level; it’s the range low and 200-EMA [exponential moving average] on the 4-hour. Still watching.”
He also says the price may chop around in the $27,000 and $28,000 level for a while longer before making a significant move.
“Some very quick thoughts on Bitcoin here. Price can chop around here for another few weeks and we could still not see any clarity. On lower time frames, EMAs are all lining up pretty well and I think they look good. That said, the 200 EMA on the 4-hour is right around $26,500, area of interest.”
BTC briefly fell below $28,000 early Thursday but has since climbed back up to $28,066 at time of writing.
Next, Sherpa says Ethereum needs to hold the key $1,800 level or it may fall back down to $1,750. According to Sherpa, If it holds the $1,800 level, ETH will likely soar into the $2,000 range.
“ETH: Key level coming up here IMO [in my opinion], would really like to see $1,800 hold or else the recent move was just a deviation and we’re not seeing any sort of altszn [altcoin season] anytime soon (lol).”
Lastly, the trader uses Fibonacci retracement levels, a method of technical analysis for determining an asset’s support and resistance levels, to predict a possible bounce for Dogecoin. The meme token is declining in value after it pumped more than 30% on Twitter changing its icon to the DOGE logo.
“DOGE: One of these areas should bounce but I don’t know where. 200-day EMA is at the .786 fib level [$0.0824]. Full retrace would be pretty normal for what DOGE likes to do.”
DOGE is trading for $0.0903 at time of writing.
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