Smart Contracter: Bitcoin And Ethereum Ready For Massive Breakouts
According to a pseudonymous crypto analyst and trader, known as Smart Contracter, the two largest cryptos Bitcoin (BTC) and Ethereum (ETH) are ready for huge breakouts amid the bearish sentiment in the crypto markets.
Smart Contracter, tweets to his 155K Twitter followers that Bitcoin is forming a bullish pattern indicating that a move to the upside is coming.
“To me, I see a higher low within a bullish flag forming. I’m still bullish on BTC from these levels.”
to me i see a higher low within a bullish flag forming, im still bullish on #btc fromt hese levels. pic.twitter.com/zTrUrPbT8Y
According to analyst’s chart, Bitcoin must take out the pattern’s resistance at $35,000 in order to start a rally to $40,000.
Regarding Ethereum, Smart Contracter sees the second largest crypto asset forming a bullish higher low setup at $2,000, and it is now poised to rally to just below $3,000 for a 40% surge.
“5 up and now ABC down on ETH/USD. I think we will form a higher low and continue up from here. However, invalidation is still below the $1,650 capitulation wick.”
5 up and now abc down on eth/usd
i think we will form a higher low and continue up from here, however invalidation is still below the 1650 capitulation wick$ethpic.twitter.com/uZ1C6MK66J
The analyst uses the Elliott Wave technique, a branch of technical analysis that predicts future price action based on crowd psychology that tends to manifest in waves. ETH has completed the ABC corrective pattern and is now ready to launch a new wave up, says Smart Contracter.
The analyst is also closely following the decentralized finance (DeFi) sector, which he says is performing better than the rest of the market. The trader is keeping track on four altcoins in the nascent space:
“DeFi has been holding up the strongest during the BTC chop.It’s definitely looking like the fastest horse at the moment.SUSHI (SushiSwap), SNX (Synthetix), Aave, UNI (Uniswap).”
