A closely followed crypto trader is predicting a strong bounce across the crypto markets after weeks of sustained sell-offs.
Pseudonymous analyst Credible tells his 293,800 Twitter followers that leading smart contract platform Ethereum (ETH) looks poised to rally as it flashes multiple bullish signals.
“My target region of $3000-$3300 was hit and we are now seeing signs of relief incoming.
Multiple bullish divs on lower TF on both the USD and BTC pairings.
The probability for upside from current levels is higher than downside in my opinion. Targeting $3500 (retest of breakdown) for now.”
Looking at Ethereum against Bitcoin (BTC), the crypto strategist says that he’s bullish on the pair and altcoins in general as long as ETH/BTC can stay above support at 0.07 BTC worth $2,984.04.
“People saying ETH/BTC looks terrible here and I’m just like ‘zoom out.’
As covered in my Youtube video a couple of months ago, ETH/BTC has had a MAJOR breakout, and as long as we are now ABOVE this level ETH (and alts) should bounce back HARD from this dip.
I am accumulating.”
At time of writing, the ETH/BTC pair is exchanging hands at 0.075 BTC, worth $3,197.18.
Credible is also looking at the extremely elevated open interest (OI) in Bitcoin, which tracks the total number of long and short positions held by market participants. The crypto analyst predicts that the next flush of excess leverage in the market will resolve to the upside and ignite a strong Bitcoin rally.
“What if the major OI wipeout everyone is looking for ends up happening because of a squeeze to the upside rather than a move further down?
Happened in August 2021 as we moved off the 30k bottom. Think we probably see that play out again. Bears are bout to be wiped clean.”
In August 2021, Bitcoin rallied from a low $37,332 to a high of $51,900 by the end of the month.
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