Bitcoin and Ethereum at a essential level As XRP and COMP put together for the beginning: Credible crypto
A widely used crypto analyst warns traders about the near-term prospects for Bitcoin and Ethereum.
According to Credible Crypto, Bitcoin is at a crossroads after a rally that saw the flagship cryptocurrency hit $ 12,000 multiple times this month.
He says a significant correction is likely if the king coin fails to stay above $ 11,800. If BTC drops below this limit, the next level of support will be at $ 11,660, $ 11,100, and $ 10,560, respectively.
“Okay, moment of truth. It will depend on it. Lose that level in the end and I assume we will go for the dotted green lines and the rest of the market will take a hit too. Be careful with current positions. No coin will be immune to it. “
Source: Credible Crypto / Twitter
The analyst says both Ethereum and Kyber Network are showing signs of an imminent withdrawal.
“I can’t ignore what I see down the line. I said earlier this week I was expecting drops in coins like ETH and KNC. These slumps are ongoing, but the goals have not yet been met. I think we continued to fall in the days to come. “
Although he says a sharp drop in Bitcoin prices will have a negative impact on the overall crypto market, according to Credible Crypto, XRP and COMP are two of his top picks in the coming weeks and months.
Goal 2 achieved. Added to my position. Send $ COMP to Heaven. https://t.co/QWbALo4XUh pic.twitter.com/EX3LNzIUYP
– Credible Crypto (@CredibleCrypto) August 19, 2020
The strategist says he sees an unusually high number of responses to his posts on XRP from traders that are bearish. He views sentiment as a counter-indicator suggesting that XRP has bottomed out and is ready to take off.
“On a scale from baby bear cub to black bear, the comments under my latest XRP table are grizzly bearish. Load the rocket fuel boys, we’re going to the moon soon. “
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