Credible Crypto Predicts Strong Crypto Recovery, Bullish On ETH
According to a top crypto analyst and trader, known as Credible Crypto, the market is likely to go through a strong bounce after weeks of decline. His particularly bullish on Ethereum (ETH).
Ethereum (ETH)
Credible Crypto shared with his 293,800 followers on Twitter followers that Ethereum looks ready to ignite fresh rally after the leading smart contract platform was showing 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.”
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. Probability for upside from current levels is higher than downside imo. Targeting $3500 (retest of breakdown) for now. $ETHhttps://t.co/6FsoHAIMpTpic.twitter.com/QYB1OZbWY1
The analyst also says that Ethereum looks bullish against Bitcoin (BTC), and altcoins in general as long as ETH/BTC can stay above support at 0.07 BTC.
“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.”
People saying ETH/BTC looks terrible here and I'm just like "zoom out". As covered in my Youtube video a couple 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. $ETHpic.twitter.com/aBjNLHjBlx
At time of writing, the ETH is trading at 0.07703 BTC, up 1.09% on the 24-hour chart.
Bitcoin (BTC)
Credible Crypto also points out that Bitcoin open interest (OI) is very high at the moment.
OI is an indicator that tracks the total number of long and short positions held by market participants.
According to the analyst, the next flush of excess leverage in the market will resolve to the upside and send Bitcoin rallying.
“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.”
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 ‘21 as we moved off the 30k bottom. Think we probs see that play out again. Bears bout to be wiped clean. $BTChttps://t.co/s92fSo1LBt
