Smart Contracter Warns That Bitcoin Could Correct Down To Macro Lows
According to a prominent crypto analyst and trader, known as Smart Contracter, Bitcoin (BTC) could be on the danger zone to correct further down to macro range lows, based on a fractal.
Bitcoin (BTC)
Smart Contracter shared with his 197K followers on Twitter that there is a possibility that Bitcoin may be trading in a wide range between $69K and $30K.
“What if we take out the June lows again after taking out the April highs all as part of a larger structure that ruins both bulls and bears?
I wouldn’t rule it out. Also on a side note, I maintained my bullish bias for too long and vastly underestimated the severity and depth of this dip.
If it happens like this, I think it will all happen much faster than depicted. It’s not drawn to scale. I’m just bad at drawing”
what if we take out the june lows again after taking out the april highs all as part of a larger structure that ruins both bulls and bears i wouldnt rule it out also on a side note i maintained my bullish bias for 2 long and vastly undrestimated the severity and depth of this dip pic.twitter.com/DoYmNZw0df
Smart Contracter lays out a fractal comparison with Bitcoin’s chart mirroring the range-bound accumulation of the Dow Jones Industrial Average Index (DJI) between early 2000 and 2010.
If Bitcoin follows the trend, it could pull back below $30,000 before launching into a massive rally.
The analyst also agrees to a comment suggesting that the deep correction will put Bitcoin in a better position to rally more aggressively above $100K.
Ethereum (ETH)
After Ethereum (ETH) recently broke diagonal support, it made Smart Contracter more cautious on the leading smart contract platform.
“This trend line break on ETH/USD is super worrying to me. Over the last week, it looked somewhat salvageable but yesterday’s daily close sent it from looking … to looking outright terrible, in my opinion.”
this trend line break on eth/usd is super worrying to me, over the last week it looked somewhat salvageable but yesterdays daily close sent it from looking salveable to looking outright terrible imo. pic.twitter.com/R7IXqi0a40
