Bitcoin, Ethereum and One Metaverse Altcoin Turn Bullish, According to Closely Followed Trader
A popular crypto strategist is predicting what’s next for a trio of digital assets as markets try to keep the latest rally going.
The pseudonymous crypto trader Cheds says his 274,100 Twitter followers that he is looking at Bitcoin (BTC) at the 34-day estimated moving average (EMA).
He says this is the first time the top cryptocurrency has closed above the current metric in three months, while it remains wary of potential price weakness ahead.
“BTC remarkable – first close above daily EMA 34 since April.
Some evidence of weakening bear trend – continue to monitor for divergence.”
Bitcoin is currently rising, up 9% in the last 24 hours and priced at $23,512.
Cheds move on to discuss what’s next for Ethereum (ETH), which says the leading smart contract platform seems strong enough to recapture the $1,700 mark regardless of whether Bitcoin rallies or not.
“$1,700 still makes sense even if BTC rejects DEMA 34 given relative strength.”
At the time of writing, Ethereum is up 4.05% on the day, changing hands at $1,573.
The map guru concludes his analysis of the top two digital assets by saying that he thinks Ethereum currently seems stronger than BTC. He also notes that ETH remains above the upper Bollinger Bands (BB), a metric that measures an asset’s price and volatility oscillation over time.
“ETH’s relative strength right now to BTC with the long trigger from the $1,270 break.
BTC still looks vulnerable, ETH not really at the moment (although we are trading above upper BB).
As for daily EMA 34, I hope everyone uses it, not just me. It has been the most important level since November.”
Chess too takes a look at Ethereum-based virtual world The Sandbox (SAND), highlighting the altcoin’s recent recovery after a flash crash in mid-June.
“SAND bends a lower high break.”
Sandbox is also in the green with 5.62% on the day with a market cap of $1.43.
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Featured image: Shutterstock/Salamahin/Atelier Sommerland
