Crypto Analyst Updates Outlook on Bitcoin, Avalanche and One Ethereum Rival That’s Soared 135% This Year
A closely followed crypto analyst is updating his stance on Bitcoin (BTC) and two of Ethereum’s (ETH) biggest rivals.
The pseudonymous trader Altcoin Sherpa tells his 194,000 Twitter followers that Bitcoin is likely setting up for a pullback and that the $25,000 level probably won’t hold.
The trader says that Bitcoin bulls are probably better off waiting to buy the dip when BTC goes below $24,000.
At time of writing, Bitcoin is trading for $28,571, sideways on the week.
Looking at alternative layer-1 protocol and Ethereum rival Avalanche (AVAX), Altcoin Sherpa says AVAX is probably ready to take out resistance at $22 and enter a new trading range with a high at $30.
“AVAX: Compression on this one looks strong, I think it makes another leg up soon. 200-day EMA acted as resistance initially (as normal) but I think that this breaks $22 strongly soon.”
Source: Altcoin Sherpa/Twitter
At time of writing, AVAX is worth $17.22.
Altcoin Sherpa also has his eye on Ethereum challenger Fantom (FTM), which is currently up 135% since the beginning of the year.
According to the analyst, FTM could be gearing up for a fresh rally.
“FTM: still looks pretty decent overall. I think it’s forming some sort of low here and will have another leg up.”
Source: Altcoin Sherpa/Twitter
Looking at the trader’s chart, the next resistance level for FTM appears to stand at $0.60.
At time of writing, FTM is trading for $0.43.
Generated Image: Midjourney
