Crypto Trader Updates Outlook on Bitcoin and XRP, Says Ethereum Prepares for a Rally – Here’s His Target
A widely followed crypto trader offers a bearish forecast for Bitcoin (BTC) and XRP as he expects Ethereum (ETH) to rise once the leading smart contract platform has bottomed out.
The pseudonymous analyst known as Altcoin Sherpa tells his 183,600 Twitter followers that the price of BTC will likely continue to trade between $18,200 and $19,500.
The flagship crypto asset hit a high of $20,377 this week and is now trading at $19,462.
“BTC: Are We Having Fun Yet?”
Altcoin Sherpa says that the price movement of XRP indicates that it is less likely to take off soon. The sixth largest crypto asset by market capitalization is currently changing hands for $0.48.
“XRP: Checking this 1 out again, I was stopped before on my previous trade and took a small loss. I think it bounces around .41, that’s the .618 fib. [Fibonacci level] Doesn’t look good right now though.”
But the trader expects gains for ETH. Altcoin Sherpa says the top altcoin could rise to $1,500 from today’s price of $1,332.
“ETH: in my opinion this is forming a short-term bottom. Expecting more chop, wait [exponential moving averages] to catch up to the 4t price and then we see a move up to at least $1500+.”
Meanwhile, Santiment says that Bitcoin and Ethereum appear to be moving away from the stock market as falling stock prices did not appear to affect the two largest cryptocurrencies by market capitalization. The crypto analytics firm says this development is encouraging.
“Bitcoin has held around $19,400 and Ethereum at $1,340 today. But the story is the fact that they are doing so without the support of the SP500, which is down -2.4%. If the correlation decreases between crypto and stocks, this is very encouraging.” »
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