A popular crypto analyst who is building a following with timely Bitcoin calls is warning traders that both BTC and Ethereum (ETH) could be setting up for a leg down.
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.
Featured Image: Shutterstock/Art Furnace/Natalia Siiatovskaia
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