A well-known crypto analyst and trader has come up with his analysis for three of the most traded cryptocurrencies.
The analyst who is anonymously known as Altcoin Sherpa, claims that at the moment, the world’s first cryptocurrency, Bitcoin is in the accumulation zone and the currency could experience a major rally in upcoming weeks. Then, he alerts his 182,600 followers over Twitter that the current bear control makes it difficult for bulls to take over.
Though the analyst doesn’t see any bottom still, he expects Bitcoin to bottom at $18,000 if there is any.
Further, Altcoin Sherpa asserts that for Bitcoin, the $19,000 price level should be the strong support area, but cautions the beginners to trade cautiously as the currency is too volatile at the moment.
At the moment, Bitcoin is selling at $19,800 with a plunge of 0.58% over the last 24hrs.
Next, the analyst discusses Ethereum (ETH), the second largest cryptocurrency by market cap. For the lead altcoin, Sherpa claims that $1,730 is the area that plays an important zone as the currency could either make or break its trading level.
Additionally, the expert projects a chart to showcase Ethereum’s exponential moving average (EMA’s) sneaking around a four-hour candle from early July. As per the chart, he hopes ETH to surpass $1,800 but also claims that he is not sure of the currency’s price movement.
In the last seven days, Ethereum was relatively positive, and it bounced back from a drop below $1,500 last Sunday.
Currently, Ethereum is trading at $1,553 after a pullback of 0.50% in the last 24hrs.
The last currency that has caught the trader’s attention is Chiliz (CHZ) which is a utility token of Socios.com, a sports fan engagement network. Since the month of July, Chiliz has spiked by 130%. After such a huge uptrend, the analyst expects the currency to decline but also claims Chiliz’s price could see another surge, hence he is not shorting.
At the moment, Chiliz has lost 2.49% in the last 24hrs and is trading at $0.21