According to trader and analyst Credible Crypto, Bitcoin is at a critical juncture as the cops struggle to push the leading crypto asset up.
The trader tells its 99,000 Twitter followers that BTC may be due for major corrective action after BTC failed to stay above immediate resistance at $ 34,000.
“Moment of truth here for BTC and the rest of the market really. If BTC put that last leg down, it will drag everything else with it for now. I’ve been watching the 34-35k level for days and we finally tested it. “
According to Credible’s table, BTC can trace back to the support of $ 26,000, a 20% drop from the current price of $ 32,300.
As BTC continues to consolidate, the cryptanalyst is tracking Ethereum (ETH) performance. He says the leading smart contract platform is poised to more than double its value in its USD base pair.
“In the same way BTC stole the spotlight from $ 20,000- $ 40,000, ETH will steal the spotlight from $ 1500- $ 3000. It’s ETH season, baby. “
Credible comments that ETH / BTC also looks bullish after breaking out of a two-year accumulation period.
“We got the daily and weekly close that I was looking for on both the USD and BTC pairing. FULL BULL one ETH. SEND ITTTTT! ”
Looking at the Credible Crypto chart, Ethereum is poised to move up to 0.055, a pressure gain of nearly 35% from the 0.041 level.
As for XRP, the crypto strategist is forecasting another leg down before he can regain his uptrend.
“Looks like we’re not ready to hit the highs just yet. The full retracement of the latest upside attempt suggests we may need to look for lower liquidity first. Still think the bottom has already been reached, and expect this decline to be aggressively bought up.“
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Selected image: Shutterstock / sdecoret