A crypto analyst who correctly called the 2018 market bottom for Bitcoin says BTC could be gearing up for fresh rallies as Ethereum (ETH) flashes a bullish signal.
Pseudonymous analyst Smart Contracter tells his 220,300 Twitter followers that Bitcoin has likely completed its corrective period and could now be ready for a burst to the upside.
“Honestly think that is the low for BTC, aiming for another leg up on daily to $25,500 from here.”
Smart Contracter is a popular practitioner of Elliott Wave theory, a technical analysis approach that aims to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset undergoes a five-wave rally, where waves one, three and five are impulse surges and waves two and four are corrective periods.
Looking at the analyst’s chart, he appears to predict the end of wave four with wave five currently underway. At time of writing, Bitcoin is worth $21,821.
As for Ethereum, the crypto strategist believes that ETH bulls have managed to successfully defend the uptrend line of an ascending channel.
“Perfect base channel retest on ETH daily.
Send.”
The crypto strategist is also watching the price action of peer-to-peer payments network Litecoin (LTC). According to Smart Contracter, Litecoin is flashing bullish signals against Bitcoin (LTC/BTC) after the pair took out multiple resistances on the lower timeframe.
“LTC so far one of the first of the majors to recover.”
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