Crypto Trader Updates Outlook on Bitcoin, Dogecoin and One Altcoin Exploding in Last 24 Hours
A popular crypto analyst updates his views on Bitcoin (BTC), Dogecoin (DOGE) and an altcoin that has skyrocketed in the past day.
Pseudonymous analyst Altcoin Sherpa says his 184,000 Twitter followers that he does not believe the royal crypt is currently at a level where it is a good investment.
“BTC: Levels I’m watching to see if we break this current range. Things are looking interesting, but I still don’t think you should buy this current range.”
Bitcoin is changing hands for $20,029 at the time of writing.
Next up on the trader’s list is the popular meme token Dogecoin. Altcoin Sherpa says that DOGE may enter a double-top pattern, but doing so will largely depend on BTC’s performance.
“DOGE: I am still in my brief; it’s pretty close to my first entry. I usually stop at [break even] and I already took half off at the TP1 area. To determine if this is a double top area or not, in my opinion it will really depend on BTC. At worst, it’s a hedge.”
A double-top pattern is a bearish reversal pattern that forms after an asset reaches a high price point twice. Dogecoin is trading at $0.064 at the time of writing, a gain of 1.43% on the day.
Altcoin Sherpa concludes his analysis by saying that decentralized finance (DeFi) native resource exchange platform SushiSwap (SUSHI) is worth shorting despite rising over 16% in the past 24 hours.
“SUSHI: Had announced a new chef, bullish impulse. We are seeing some interesting moves in the DeFi sector. I still think this is a good card to be honest; it is entering a supply zone and has recently had a big move. Would obviously reverse bias if it pans out here.”
SUSHI is trading at $1.32 at the time of writing, up 28% from the weekly low of $1.03 set on October 3rd.
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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.
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