A widely followed crypto analyst is updating his outlook on Bitcoin (BTC) and weighing in on the price-exploding Mask Network (MASK).
The pseudonymous analyst known as Altcoin Sherpa tells his 186,300 Twitter followers that BTC may chop around the $20,000 price level for quite some time.
He says, based upon the support at several critical exponential moving averages (EMAs) on the four-hour time frame, the last move near the $21,000 price level was only a deviation.
“Things look meh in the short term, would view $20,000 as the next area; it’s a psychological number + 4-hour EMAs. If price continues to trade a bit longer in this area, I suspect the last move up was just a deviation and price is just going to keep chopping in this range.”
Altcoin Sherpa next turns to MASK, which has soared in price in the past week. At time of writing, MASK is trading hands for $5.10, a 357% increase over the last seven days. He says that he missed the price action, but predicts the token’s weekly high will act as resistance and pullback in price.
“I didn’t catch this one but it’s a good example of how there are always opportunities in the crypto market. 4x over the span of a few days, incredible. With that said, I would not be buying here, would wait for a pullback. One-week level should act as resistance.”
MASK is a project intended to bring Web3 features to social media platforms like Twitter and Facebook. The price shot up after crypto giant Binance announced a new Bluebird index, tracking the prices of MASK along with the prices of Binance Coin (BNB) and Dogecoin (DOGE), soon after investing $500 million into Twitter.
Some suggest the Bluebird Index is a reference to Twitter, fueling speculation Elon Musk may integrate these crypto projects into the social media platform.
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