Kripto strateg koji je zakucao Bitcoin (BTC) 2018 bottom believes we’re in for a rough few weeks after this year’s bullish start.
Pseudonymous analyst Smart Contracter tells his 219,300 Twitter followers that many altcoins have already completed their five-wave rallies.
The analyst is referring to the core principle of the Elliott Wave theory, a technical analysis approach that tries to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset is likely to witness a corrective move after going through a five-wave uptrend.
Says Smart Contracter,
“People aping alts expecting higher, where I’m pretty sure were gearing up to top for a few weeks, especially altcoins. Five-wave rises on daily literally all over the place, most notably on TOTAL3 which is [the market cap of] all alts excluding BTC and ETH.”
Looking at the analyst’s chart, he expects the market cap of all altcoins excluding Ethereum to shed nearly 10% from around $365 billion to $330 billion, suggesting a significant downside risk for crypto assets other than Bitcoin and ETH.
One of the altcoins on the trader’s radar is Ethereum rival Avalanche (AVAX). Smart Contracter shares a chart showing that AVAX has completed a five-wave ascent on the eight-hour chart and is likely to correct to around $15.
U vrijeme pisanja ovog teksta, AVAX mijenja vlasnika za 20.72 USD.
The crypto strategist is also keeping a close watch on decentralized oracle Chainlink (LINK). According to a chart he shared on Twitter, LINK has also completed its five-wave surge and is likely poised to retrace to just above $6.
U vrijeme pisanja ovog teksta, LINK se trguje za 7.31 USD.
It’s the same situation for interoperable blockchain Cosmos (ATOM), according to Smart Contracter. The analyst also believes that ATOM has concluded its five-wave rise.
At time of writing, ATOM is switching hands for $13.71.
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Source: https://dailyhodl.com/2023/01/30/analyst-known-for-calling-bitcoin-and-crypto-bottoms-issues-alert-to-altcoin-traders/