Top Trader Abruptly Reverses Stance on Bitcoin, Details Bullish Outlook on BTC and One Ethereum Challenger
A well-liked analyst and dealer who precisely predicted Bitcoin’s (BTC) 2018 backside six months forward of time seems to be remodeling right into a bull.
The pseudonymous analyst Good Contracter tells his 218,100 Twitter followers that he’s dropping his bearish bias after Bitcoin broke out of an higher vary.
He’s now in search of alternatives to enter lengthy positions each time a breakdown happens.
In line with Good Contracter, Bitcoin will possible outperform different crypto property transferring ahead.
“Now that BTC broke out of this gradual uneven grind up, I’m scrapping bearish bias and trying to lengthy pullbacks.
Worth motion appears to be like impulsive to me now and I additionally imagine with BTC on the cusp of taking out the December excessive, BTC dominance will rise and BTC outperform altcoins.”
Trying on the crypto analyst’s charts, Good Contracter seems to recommend that Bitcoin is primed to rise above $18,800. In his technical evaluation, Good Contracter applies Elliot Wave Concept, which states that the primary pattern happens in a five-wave sample whereas a corrective pattern happens in a three-wave sample.
Bitcoin is buying and selling at $18,157 at time of writing.
As for Bitcoin dominance, Good Contracter seems to be forecasting that BTC will attain over 43%. Bitcoin dominance is presently 38%.
Subsequent up is the good contract-enabled blockchain Avalanche (AVAX). Good Contracter says that the Nineteenth-largest crypto asset by market cap seems to have bottomed out after a 90% correction from the all-time excessive. The crypto analyst says that he’ll search for shopping for alternatives when Avalanche corrects downwards.
“Now that AVAX broke out of that prime timeframe ending diagonal with a god candle, it does seem like a backside to me.
Positively can’t chase right here. However 100% again on my radar once more for pullback buys.”
Avalanche is buying and selling at $15.18 at time of writing, up by about 40% in two weeks.
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