Smart Contracter Pulls Out From Altcoin Positions, Predicts Correction
Smart Contracter, a popular crypto market analyst and trader says he is taking profit from his altcoin positions as he predicts large size correction for both Bitcoin (BTC) and Ethereum (ETH).
The analyst shared with his 166K Twitter followers that he sees Bitcoin sliding down to $36,000 and Ethereum to $2,600, which will have negative impact on the altcoin market.
“Took profit on a whole lot of my alt positions despite how bullish I think they may look. I think BTC and ETH are both about to put in deeper C waves, correcting the 5 wave rises they both had from the July lows and a push down to $36,000 and $2,600 respectively will affect everything.”
took profit on a whole lot of my alt positions despite how bullish i think they may look.
i think btc and eth are both about to put in deeper C waves correcting the 5 wave rises they both had from the july lows and a push down to 2.6k and 36k respectively will affect everything pic.twitter.com/SDzWyW2404
The trader’s chart prediction is based on the Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology that manifests in waves.
The Elliott Wave theory is a form of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology.
The theory identifies impulse waves that set up a pattern and corrective waves that oppose the larger trend.
Each set of waves is nested within a larger set of waves that adhere to the same impulse or corrective pattern, which is described as a fractal approach to investing.
Recently, Smart Contracter was looking into the price action of Solana (SOL), Synthetix (SNX) and Avalanche (AVAX) and saw possible rallies to ATH. He was also predicting bottom-out for Curve (CRV) and Polygon (MATIC).
Another top cryptocurrency analyst and trader Michaël van de Poppe on the other hand believes BTC is on the verge of igniting a rally to $50,000 after holding the key support level above $47,000.
