Cryptoanalyst Who Nailed 2018 Bitcoin Bottom Prognos Rallies for BTC and Ethereum – Here Are His Goals
The crypto strategist who predicted Bitcoin’s (BTC) 2018 bear market floor says the king crypto and Ethereum (ETH) prepares for conventions.
Pseudonymous analyst Smart Contractor tells his 214,700 Twitter followers that he expects Bitcoin to rise to $17,841 after falling to his downside target of $16,200.
“Love when things go according to plan.”
At the time of writing, Bitcoin is exchanging hands at $16,271, suggesting an upside potential of nearly 10% should BTC reach Smart Contractor’s target.
Looking at the leading smart contract platform Ethereum, Smart Contractor predicts a close to 16% increase for ETH after completing a corrective move.
“Even ETH has given us a nice clear ABC [wave]which corrects last week’s five-wave rise.
Buy these dips and keep them for about a week or two [to] range heights in my opinion.”
Smart Contracter is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that predicts future price action by following crowd psychology that tends to manifest itself in waves. According to the theory, an asset usually goes on a price rally after completing an ABC wave.
Looking at the analyst’s chart, it appears that he expects ETH to rally towards his target of $1,350. At the time of writing, ETH is valued at $1,167.
The crypto strategist is also keeping a close eye on peer-to-peer payment network Litecoin (LTC), which he says has broken out of its diagonal resistance on the lower timeframes.
“LTC looks spicy on the low time frames here.”
At the time of writing, Litecoin is trading at $75.72.
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Featured image: Shutterstock/Hib_Stu/Sol Invictus
