Smart Contracter Projects The Next Moves For Bitcoin (BTC)
According to crypto analyst known as Smart Contracter, Bitcoin (BTC) could have a strong bounce, based on bear market lows in 2018.
The analyst shared with his 207.2K followers on Twitter that BTC is currently going through a five-wave downtrend in the lower timeframe.
He projects that BTC will rise to $45,000 within a week or so, but warns traders that the rally might be short-lived.
“BTC now in the process of an impulsive five-wave decline on 4h, so expecting a nice relief bounce to $45k or so in the coming days, then further downside, $37– $38k is new key support.”
#btc now in the process of an impuslive 5 wave decline on 4h, so expecting a nice relief bounce to 45k or so in the coming days, then further downside, 37-38k is new key support. pic.twitter.com/ECe5NzPRiR
In his analysis, Smart Contracter relies on Elliott Wave theory, a technical analysis approach that projects future price action by following the psychology of market participants that happens in waves.
According to the analyst, Bitcoin will start its corrective move just as market sentiment turns bullish.
“We got the dump. Now comes the swift bounce that gets everyone turbo bullish again around $44k
BTC daily looks really nice now for a 15% bounce or so, got our longs in before it was even a wick. Just don’t hold it for too long, imo [in my opinion].”
#btc daily looks really nice now for a 15% bounce or so, got our longs in before it was even a wick, ?, just dont hold it for too long imo. pic.twitter.com/Lh9OK4YmvJ
