Analyst Says Bitcoin (BTC) Bulls on Life Support, Updates Outlook Ethereum (ETH), Solana (SOL) and Cardano (ADA)
A widely followed crypto strategist and trader is issuing a warning that Bitcoin (BTC) bulls are in trouble if they concede their last line of defense, while providing updates for Ethereum (ETH), Solana (SOL) and Cardano (ADA).
Pseudonymous crypto analyst Pentoshi tells his 518,400 Twitter followers that bulls must defend support at $39,000 to avoid another sell-off event for BTC.
“Despite all the bullish propaganda, price still respected the levels. Bullas on life support here. I will still trade the level with reclaim but know the downside risk is high.”
At time of writing, Bitcoin is exchanging hands at $39,103, down nearly 2% in the last 24 hours.
As Bitcoin is still trading above Pentoshi’s key level, the crypto analyst predicts that BTC will launch a relief rally to $42,000 before resuming its downtrend.
“Macro thoughts aside and switching to lower timeframe, BTC likely gives some relief before trying to unload again via short closing etc. Bear team 6 will, in my opinion, concede up to an underside retest before trying to advance again to bulla last defense.”
Looking at Ethereum, the crypto strategist also believes that the leading smart contract platform is bearish and will likely trade below $2,000 if it breaks support at $2,200.
“I will take note that there is local strength here since it held its lows ($2,200) but overall still lower highs. Trend is down. *IF* those lows break *THEN* *MOST* alts turbo nuke.”
Next up is Ethereum competitor Solana (SOL). According to Pentoshi, bulls must keep SOL above $80. Otherwise, he predicts a correction down to $50.
“Do or die.”
Last on the trader’s list is smart contract platform Cardano. Pentoshi says ADA is in danger of a 60% devaluation if it takes out support at $1.00.
“The lights are flickering. Nothing but gravity below.”
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The post Analyst Says Bitcoin (BTC) Bulls on Life Support, Updates Outlook Ethereum (ETH), Solana (SOL) and Cardano (ADA) appeared first on The Daily Hodl.
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Author: Daily Hodl Staff
