A well-known cryptocurrency analyst and trader has come up with his analysis for three of the most traded cryptocurrencies.
The anonymous analyst known as Altcoin Sherpa says that at the moment, the first cryptocurrency in the world, Bitcoin is in the accumulation zone and the currency could undergo a major rally in the coming weeks. Hence, he warns his 182,600 Twitter followers that current bear control makes it difficult for the bulls to take over.
Although the analyst does not see any lows yet, he expects Bitcoin to hit the low of $ 18,000, if any.
Additionally, Altcoin Sherpa says that for Bitcoin, the $ 19,000 price level should be the strong support area, but warns beginners to trade with caution as the currency is too volatile at the moment.
Currently, Bitcoin is selling at $ 19,800 with a 0.58% drop in the past 24 hours.
Next, the analyst discusses Ethereum (ETH), the second largest cryptocurrency by market capitalization. For the main altcoin, Sherpa says that $ 1,730 is the area that plays an important zone as the currency could reach or destroy its trading level.
Additionally, the expert projects a chart to show Ethereum’s exponential moving average (EMA) sneaking around a four-hour candle since the beginning of July. According to the chart, he hopes ETH will rise above $ 1,800, but he also claims he is unsure of the currency’s price movement.
Over the past seven days, Ethereum has been relatively positive and rebounded from a drop below $ 1,500 last Sunday.
Currently, Ethereum is trading at $ 1,553 after a 0.50% pullback in the past 24 hours.
The latest currency that has caught the trader’s attention is Chiliz (CHZ), a utility token from Socios.com, a sports fan engagement network. Since July, Chiliz has risen by 130%. After such a large uptrend, the analyst expects the currency to decline, but he also says that the Chiliz price could see another rise so it is not in the open.
Currently, Chiliz has lost 2.49% in the past 24 hours and is trading at $ 0.21