While the crypto market is struggling between bears and bulls, a well-known crypto trader and analyst expresses his bullish stance for Bitcoin, Ethereum and another altcoin.
The analyst, who is pseudonymously known as ALtcoin Sherpa, advises his 180,600 Twitter fanbase that, although Bitcoin has slightly plunged, the asset will make a comeback if it manages to surpass a crucial resistance barrier.
The key resistance level for the flagship currency as per the trader is $24,000 level
At the time of publication, Bitcoin is selling at $23,794 with a drop of 0.41% over the last 24hrs.
The strategist further explores a few technical analyses that are pointing towards bullish momentum for Bitcoin. Yet, he asks the traders to make a cautious move as the lead currency might also move downwards.
Altcoin Sherpa notes a few points about Bitcoin and quotes that since March, the asset has made a bullish move in a 4hr chart along with a bullish moving average. However, the analyst feels that the high time frame on the daily chart is still bearish and it’s not a macro reversal.
He predicts that if Bitcoin fails to overtake the $20,000 level, then the currency will see a decline towards $17,000 price levels.
The next currency that Altcoin Sherpa talks about is Ethereum and says the second largest currency will exceed other cryptocurrency’s price movement. The researcher brings up Solana’s chart to compare it with Ethereum and claims that SOL is much lower which compared to ETH
The analyst also compares Avalanche and Ethereum and says it’s the same with AVAX as well.
Currently, Ethereum is trading at $1,697 after a pull back of 0.84% in the past 24hrs.
Ethereum Classic (ETC)
The last altcoin that has gained the strategist’s attention is Ethereum Classic (ETC). This smart contract platform saw a leg up from its July 14th price levels of $13.92 to the recent high of $45.27 on July 29th.
According to Altcoin Sherpa, Ethereum Classic is up for another breakout soon
However, at the time of writing, Ethereum Classic has slightly made a downward move trading at $39.06 with a plunge of 1.81% in the last 24hrs.