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. “

Check the latest headlines

Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trades are at your own risk and that any losses incurred are your responsibility. The Daily Hodl does not recommend buying or selling any 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 / QQ7

Comments are closed.