Top Crypto Analyst Issues Bitcoin and Ethereum Alert, Predicts Pullback for BTC and ETH as Merger Approaches

A popular crypto analyst who is building a following with timely Bitcoin calls is warning traders that both BTC and Ethereum (ETH) could be preparing for a leg down.

Pseudonymous crypto strategist Credible tells his 338,100 Twitter followers that while Bitcoin managed to put together a decent bounce from around $18,500 on September 7th, he believes BTC’s short-term upside is limited and the crypto king could be looking at a trip back to $20,000.

“Looks solid. A wave one close tomorrow above $20,700 should confirm the feedback. Could retest $20,700 on the lower time frame, but a solid close tomorrow and we’ll look good to continue to $23,000. After that, expect a rejection and another visit to the low target/$20,000 for a higher low before continuing UP.”

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Source: Credible/Twitter

Looking at Credible’s chart, he predicts an immediate bounce for BTC following his anticipated corrective move to $20,000. At the time of writing, BTC is trading hands at $21,913.

As for Ethereum, Credible says that ETH also has some room to rally in the short term, but he predicts a steep correction after the king altcoin hits its target.

“ETH up around 20% from retracement zone and almost reaching my upside target. Again, looking for continuation up to $1,800-$1,900 – expect a rejection there and likely new local lows afterwards. Most people don’t want to hear this, but it is what it is.”

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Source: Credible/Twitter

Looking at Credible’s chart, he predicts a pullback down to the $1,200 level for Ethereum, which is a 36% devaluation should ETH reach the $1,900 target.

At the time of writing, ETH is trading at $1,752, flat on the day.

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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.

Featured image: Shutterstock/Art Furnace/Natalia Siiatovskaia

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