The pseudonymous crypto trader known as Altcoin Sherpa tells his 182,800 Twitter followers that Bitcoin could soon surge by another 8% if it reaches $21,700.
“Squeeze came. $21,000ish hit. I think it’s best to take profit if you bought yesterday/last few days. this is an area of resistance and 200 exponential moving average on the 4-hour [chart]. If this goes higher, I like the $23,000 area (and $21,700 first).”
BTC is trading at $21,300 at time of writing. The top-ranked crypto asset by market cap is up more than 10% in the past 24 hours.
Still, Altcoin Sherpa doesn’t think BTC will witness double-digit gains and encourages traders to avoid becoming overly bullish.
“Play this level to level. Don’t expect 10%+ moves overall. Take profits and be patient. I doubt this is the overall macro bottom.”
Looking at Ethereum, the analyst thinks ETH is looking better than Bitcoin.
“I think this formed a decent bottom and the market structure on the lower timeframes still looks bullish. If the highs get cleared (watch out for double top in the short term), $2,500 could come.”
With ETH trading at $1,716 at time of writing, $2,500 would represent an increase of over 45%. The second-ranked crypto asset by market cap is up more than 5% in the past 24 hours.
This article was originally published on dailyhodl.com