Pseudonymous crypto strategist Credible tells his 338,100 Twitter followers that while Bitcoin managed to put together a decent bounce from around $18,500 on September 7th, he believes that BTC’s short-term upside is limited and that the king crypto could be looking at a trip back down to $20,000.
“Looking solid. A wave one close tomorrow above $20,700 should confirm the reclaim. May retest the $20,700 on the lower timeframe but a solid close tomorrow and we will look good to continue to $23,000. After, expecting a rejection and a revisit to range lows/$20,000 for a higher low before continuation UP.”
Looking at Credible’s chart, he predicts an immediate bounce for BTC after his expected corrective move to $20,000. At time of writing, BTC is changing hands for $21,913.
As for Ethereum, Credible says that ETH also has some room to rally in the near term, but he predicts a steep correction after the king altcoin hits his target.
“ETH up some 20% from the bounce zone and now almost at my upside target. Again, looking for continuation up to $1,800-$,1900 – expecting a rejection there and likely new local lows after. Most don’t want to hear this but it is what it is.”
Looking at Credible’s chart, he predicts a pullback down to the $1,200 level for Ethereum, which is a 36% devaluation should ETH hit his target of $1,900.
At time of writing, ETH is trading for $1,752, flat on the day.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Art Furnace/Natalia Siiatovskaia
This news is republished from another source. You can check the original article here.