Top Trader Warns of Possible Crypto Pullback, Says Polygon (MATIC) and Cosmos (ATOM) Have Clean Bearish Setups
An analyst who continues to construct his following with well timed altcoin calls is predicting a correction throughout the crypto markets whereas eyeing Polygon (MATIC) and Cosmos (ATOM).
Pseudonymous analyst Cheds tells his 276,700 Twitter followers that crypto markets is flashing a number of bearish indicators after witnessing a comparatively sturdy week.
“In the present day, the crypto market put out many exterior bars, excessive wave candles and darkish cloud covers and many others. You’d be asleep on the wheel to not search for quick setups in case we pause and observe by on that.”
Exterior bars, excessive wave candles and darkish cloud covers are all candlestick patterns indicating both indecisiveness amongst market contributors or a doable shift in momentum after a rally.
One altcoin on the dealer’s radar is blockchain scaling resolution Polygon. In response to Cheds, MATIC is at present struggling to take out its quick resistance round $1.00, suggesting that the altcoin could possibly be poised for a corrective transfer.
“MATIC one other clear quick setup ought to BTC stall. Mark $0.9297. Notice the upthrust at underside provide and potential M [formation].”
Trying on the analyst’s chart, Cheds seems to be focusing on $0.74 for MATIC, indicating a virtually 25% draw back threat at Polygon’s present value of $0.98.
One other altcoin on the dealer’s record is Cosmos, an ecosystem of blockchains designed to scale and talk with one another. In response to Cheds, ATOM is a doable goal for bears round its present value of $10.78.
“ATOM doable quick candidate right here $10.778.”
As for Bitcoin, Cheds says he sees BTC presumably sustaining its bullish momentum till it hits resistance round $26,000.
“BTC eyes on Might twelfth lows as we press the current excessive.”
At time of writing, BTC is buying and selling for $23,724.
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