Credible Crypto Updates His Outlook on Bitcoin, Ethereum, Polygon And Hedera
A top cryptocurrency analyst and trader, known as Credible Crypto, looks into Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC) and Hedera (HBAR), while the markets face uncertainty.
Bitcoin (BTC)
Credible Crypto shared with his 282K Twitter followers that Bitcoin has likely survived the recent selloff and could rise to $50,000 levels soon.
“I don’t think we see new lows yet. Expecting relief to mid-50k’s soon.
We have swept both our local lows and bids are being filled across major exchanges here in the 45-47k range.”
I don't think we see new lows yet. Expecting relief to mid 50k's soon. We have swept both our local lows and bids are being filled across major exchanges here in the 45-47k range. $BTCpic.twitter.com/3oxXzleoPn
At time of writing, Bitcoin is trading at $47,840, down 2.4% on the daily chart.
Ethereum (ETH)
Next, the analyst is looking into Ethereum and how it is performing against Bitcoin in order to understand, how the wider altcoin market will do moving forward. A breakout above the 0.070 to 0.080 range for ETH/BTC would give positive outlook for altcoins.
“Many asking if I’m still bullish on alts – nothing has changed but you must understand the lvl (level) we reclaimed is a MONTHLY level.
Intra-month we can wick below just like we wicked above in months prior. Alts may see some downside in coming weeks, but HTF (high time frame) remains bullish above GREEN.”
Many asking if I'm still bullish on alts- nothing has changed but you must understand the lvl we reclaimed is a MONTHLY level. Intra-month we can wick below just like we wicked above in months prior. Alts may see some downside in coming weeks, but HTF remains bullish above GREEN. https://t.co/KRMA15v9Cspic.twitter.com/XzLvTnJNEa
At the time of writing, Ethereum is trading at $3,970, down 1.8% on the daily chart.
Polygon (MATIC)
Next up is Polygon (MATIC), which after making upside earlier this month, might correct down to $1.35 levels, the analyst predicts, after MATIC prints a bearish chart pattern.
“I call this one ‘Fearmonger Part 2.’ Our recovery ended up with another bearish SFP (swing failure pattern) of the highs. Liq (Liquidity) hunting before making another attempt at $1.35 imo (in my opinion).”
The failure swing pattern is a type of reversal pattern that can be used as buy or sell signals. In an uptrend, we see a series of successive higher highs and higher lows but there comes a point when the price fails to make a new high. In a downtrend, prices fail to make a new low.
At the time of writing, MATIC $2.09 with 3.5% loss on a daily chart. Over the past month the digital asset was trading at wide range between $1.45 and $2.58.
Hedera (HBAR)
The fourth digital asset that Credible Crypto looked into is Hedera (HBAR).
“HBAR printing a classic bullish div (divergence) on the daily, indicating that we will likely see some relief in the coming days along with the rest of the market.
That being said, the lost weekly support at around $0.30 may now act as resistance. Targeting $0.26 and above that $0.30 for now.”
$HBAR printing a classic bullish div on the daily, indicating that we will likely see some relief in the coming days along with the rest of the market. That being said, the lost weekly support at around .30 may now act as resistance. Targeting .26 and above that .30 for now. pic.twitter.com/RRk9spLQxa
