Have Bitcoin and Ethereum bottomed out? Top traders are exploring the path further for the two largest cryptocurrencies
A popular analyst digs into the charts to set price targets for six cryptocurrencies while markets try to end the week on a bright note.
Pseudonym cryptohandler Altcoin Sherpa says his 180,100 Twitter followers, he looks at the 200-day exponential moving average (EMA) for Bitcoin (BTC) on four-hour candles to plot both short-term highs and lows.
The crypto strategist also says that while Bitcoin has managed to establish a short-term range, he does not believe that the bottom of the bear market is for BTC.
“I think the top of the range makes sense at this point, looking at $ 21,600 and $ 22,000 as of now.
Still doubtful that this is the macro bottom, but it is a very strong tradable event. Taking profits higher where the 200 EMA four-hour is. ”
Bitcoin is currently up 1.5% in the last 24 hours and has changed hands for $ 20,693.
Moves on to the leading smart contract platform Ethereum (ETH), Altcoin Sherpa again User The 200-day EMA calculation to establish a price fluctuation zone of $ 1,013 to $ 1,283, while warning that ETH could fall to as low as $ 850 before the next big rally.
“Idea – [ETH] goes to the peak / hit resistance at 200 EMA four-hour and then back to the downturns.
Could even go as low as $ 850 before jumping higher. NOT the bottom yet [in my opinion].
Ethereum is up 2.33% on the day, priced at $ 1,217.
Regarding the enterprise-grade blockchain platform Fantom (FTM), the cryptanalyst does not have high hopes, but thinking FTM can at least reach the center of its current trading area.
“I have not looked at this shitcoin for a while. I would not be surprised to see this grind up to [equilibrium] of the range around $ 0.32.
It’s still super bearish overall. “
At the time of writing, Fantom is valued at $ 0.25.
Next on the analyst’s radar is Ethereum competitor Solana (SOL). He says he is planning to go completely out of their positions if SOL can work its way up to $ 42.
“I’m 1/3 out of this position, took this one and went in for $ 34.
I think this could get to the top of the series for $ 42, where I’ll mostly be out at that time. “
Solana is picking up nicely from its weekly lowest levels in the $ 32 range and is currently trading at $ 37.01.
In terms of cross-chain interoperability protocol, Polkadot (DOT), Altcoin Sherpa mean the bottom is still not in despite the fact that DOT has been pushing steadily downwards since April.
“I do not think this is accumulation completely yet, but this is always very difficult to see in real time. Hack around here a few more weeks, and I might see that it was the bottom.
Until then, I’ll assume $ 5 is coming. “
Polkadot changes hands for $ 6.74.
Last on the trader’s list is the lending and loan protocol Aave (AAVE), which he predicts will go down a significant stage before a rally can take place.
“I think the cluster of EMAs can be a decent entry around the mid $ 70s ($ 75ish) if you play the lower time frames.
It looks bullish at four hours, but still quite bearish at a day / higher time frame.
I would probably look at short 100 kroner if / when it gets there. “
At the moment, Aave is down over 4% on the day with a price of $ 88.85.
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Disclaimer: Opinions expressed by 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 may 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 adviser. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / klyaksun
