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Analyst Who Nailed 2018 Bitcoin Bottom Issues Ethereum Update, Says Altcoin Markets Primed for Volatility

Analyst Who Nailed 2018 Bitcoin Bottom Issues Ethereum Update, Says Altcoin Markets Primed for Volatility

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Source: Daily Hodle

The crypto strategist who accurately called Bitcoin’s (BTC) 2018 bottom is telling Ethereum (ETH) holders that the leading smart contract platform is set up for a significant correction.

Pseudonymous analyst Smart Contracter tells his 213,900 Twitter followers that Ethereum completed a five-wave rise on the lower timeframe and is now poised for at least a 15% retracement from its recent high.

“I suspect it pulls back about 15%-20% from here peak to trough.” 

Source: Smart Contracter/Twitter

Smart Contracter is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that follows crowd psychology that tends to manifest in waves. According to the theory, assets typically correct after a five-wave rally.

Looking at the analyst’s chart, he sees Ethereum falling back below $1,400 before bouncing toward his target of $1,900.

At time of writing, Ethereum is trading for $1,470, down 3.35% on the day.

The crypto strategist is also keeping an eye on FTX’s Altcoin Index Perpetual Futures chart, which tracks the price of a basket of large-cap crypto assets other than Bitcoin. According to Smart Contracter, the index also completed a five-wave rise and is now setting up for a correction, suggesting that large-cap altcoins are likely headed to lower levels.

“Beautiful 37% rally for alt perp out of that falling wedge but five up on daily now done. So expecting a decent pullback from here. Would be exiting here myself if I was still in and waiting for a decent pullback.” 

Source: Smart Contracter/Twitter

The crypto strategist also has his radar locked on Ethereum rival Solana (SOL), which he says now looks bearish after its weekly close.

“And this is why I was waiting for the weekly close. All within 24 hours, the SOL/BTC weekly went from looking amazing to absolute garbage.

Yikes.”

Source: Smart Contracter/Twitter

At time of writing, SOL is valued at $27.19, down over 16% on the day.

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The post Analyst Who Nailed 2018 Bitcoin Bottom Issues Ethereum Update, Says Altcoin Markets Primed for Volatility appeared first on The Daily Hodl.

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Author: Daily Hodl Staff