Crypto Analyst Updates Outlook on Bitcoin, Avalanche and One Ethereum Rival That’s Soared 135% This Year
The pseudonymous trader Altcoin Sherpa tells his 194,000 Twitter followers that Bitcoin is likely setting up for a pullback and that the $25,000 level probably won’t hold.
The trader says that Bitcoin bulls are probably better off waiting to buy the dip when BTC goes below $24,000.
At time of writing, Bitcoin is trading for $28,571, sideways on the week.
Looking at alternative layer-1 protocol and Ethereum rival Avalanche (AVAX), Altcoin Sherpa says AVAX is probably ready to take out resistance at $22 and enter a new trading range with a high at $30.
“AVAX: Compression on this one looks strong, I think it makes another leg up soon. 200-day EMA acted as resistance initially (as normal) but I think that this breaks $22 strongly soon.”
At time of writing, AVAX is worth $17.22.
Altcoin Sherpa also has his eye on Ethereum challenger Fantom (FTM), which is currently up 135% since the beginning of the year.
According to the analyst, FTM could be gearing up for a fresh rally.
“FTM: still looks pretty decent overall. I think it’s forming some sort of low here and will have another leg up.”
Looking at the trader’s chart, the next resistance level for FTM appears to stand at $0.60.
At time of writing, FTM is trading for $0.43.
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