Friday, September 22, 2023
HomeEthereumCrypto Analyst Who Nailed Bitcoin’s 2018 Bottom Warns Binance Coin and One...

Crypto Analyst Who Nailed Bitcoin’s 2018 Bottom Warns Binance Coin and One Ethereum Rival Primed for Pullbacks

A popular cryptocurrency analyst and trader has expressed short-term bearish sentiment on Binance Coin (BNB) and one Ethereum (ethereum) competitor players.

Starting with Binance Coin, pseudonymous analyst Smart Contracter To tell His 219,100 Twitter followers say the fifth-largest crypto asset by market cap could plunge about 12% from current levels.

From the chart, traders who apply Elliott Wave theory to technical analysis see Binance Coin completing a 5-wave bullish pattern, 61.8% above the Fibonacci level from its year-to-date high of $323.

“In my opinion, BNB down to the $265 low is definitely eyeing shorts if it bounces back after the close of each day.”

Source: Smart Contract/Twitter

Binance Coin is trading at $300 at the time of writing.

Next is Ethereum rival Avalanche (Avax). According to Smart Contracter, Avalanche correct After completing a five-wave bullish pattern, it rose by up to 30% in February.

From Smart Contracter’s chart, it looks like Avalanche could fall just below $14. This is an area coinciding with the 61.8% Fibonacci level from the year-to-date high of $18.97.

“Lots of ‘majors'” [large cap crypto assets]if we can call it that, now I’m doing a nice, clear 5-wave rise every day, if not all, but enough.

AVAX is what I believe could start pulling back 25-30% within the next month.

I hate being the bearer of bad news, but that’s the reality. ”

Source: Smart Contract/Twitter

Avalanche is trading at $17.34 at the time of writing.

Don’t miss the beat – apply To get encrypted email alerts delivered directly to your inbox

check price action

Please follow us twitter, Facebook When telegram

surfing The Daily Hodl Mix

Check out the latest news headlines


Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.

Generated image: In the middle of the journey

- Advertisment -
Google search engine

Most Popular

Recent Comments