Analyst Known for Calling Bottoms Says Fantom and Two Other Altcoins Flashing Warning Signs for Crypto Market
A crypto strategist who nailed Bitcoin’s (BTC) 2018 bear market bottom says that a trio of altcoins is giving warning signs for the rest of the crypto markets.
Pseudonymous analyst Smart Contracter tells his 222,300 Twitter followers that he has reduced his crypto holdings after seeing the charts of Fantom (FTM), The Graph (GRT) and dYdX (DYDX).
According to the crypto strategist, the three altcoins appear to be on the cusp of a sell-off event.
“Haven’t looked at any charts over the last few days over Easter, but I actually just trimmed some exposure now after having a proper scan.
Seeing quite a few bear flags breaking down on a lot of alts which may be giving off warning signs for the rest of the market.”
Looking at the trader’s chart, it appears that Ethereum (ETH) rival Fantom has already taken out the diagonal support of the bear flag, with the next support at around $0.386.
At time of writing, FTM is trading for $0.453.
As for blockchain-indexing protocol The Graph, the crypto analyst shares a chart showing that GRT is in the midst of an ABC corrective wave while trading in a bear flag with a downside target at $0.12.
At time of writing, GRT is trading for $0.144.
Looking at the decentralized exchange dYdX, the trader shares a chart to show that the altcoin has already broken down from a bear flag.
At time of writing, DYDX is worth $2.47.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
  
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of 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/4K_HEAVEN/WindAwake
The post Analyst Known for Calling Bottoms Says Fantom and Two Other Altcoins Flashing Warning Signs for Crypto Market appeared first on The Daily Hodl.
