Bitcoin Ready for New Stage as Ethereum Flashes ‘Perfect’ Price Pattern: Popular Analyst
A cryptoanalyst who correctly called the 2018 market bottom for Bitcoin says that BTC could be preparing for new rallies as Ethereum (ETH) flashes a bullish signal.
Pseudonymous analyst Smart Contractor tells his 220,300 Twitter followers that Bitcoin has likely completed its correction period and may now be ready for a breakout to the upside.
“Honestly think that’s the low for BTC, aiming for another leg up daily to $25,500 from here.”
Smart Contracter is a popular practitioner of the Elliott Wave theory, a technical analysis approach that aims to predict future price action by following crowd psychology that tends to manifest itself in waves. According to the theory, a bullish asset undergoes a five-wave rally, where waves one, three and five are impulse surges and waves two and four are corrective periods.
Looking at the analyst’s chart, he seems to be predicting the end of wave four with wave five underway. At the time of writing, Bitcoin is worth $21,821.
As for Ethereum, the crypto strategist believes that ETH bulls have managed to defend the uptrend line of an ascending channel.
“Perfect base channel test on ETH daily.
Send.”
The crypto strategist also follows the price action of the peer-to-peer payment network Litecoin (LTC). According to Smart Contractor, Litecoin is flashing bullish signals against Bitcoin (LTC/BTC) after the pair took out several resistances on the lower timeframe.
“LTC so far one of the first of the big ones to recover.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook 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 high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of 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/SF Tekstildesign
