A closely followed crypto analyst and trader is saying that Bitcoin is gearing up for recovery as he outlines potential bottom levels for Ethereum.

Pseudonymous trader Smart Contracter tells his 193,300 Twitter followers that Bitcoin is flashing signs that the correction is almost over.

“No sign of reversal ‘just yet’ but, we just had our final capitulation volume, in my opinion, and I think BTC is due for a strong bounce up to $63,000 soon as a worst-case scenario. Obviously, [the] best-case scenario is a new all-time high.”

Image
Source: Smart Contracter/Twitter

Smart Contracter is a popular Elliott Wave technician, a branch of technical analysis that forecasts future price action by following the psychology of market participants which tends to manifest in waves. According to the trader’s chart, Bitcoin has completed a five-wave corrective move and is now poised to ignite a leg up.

Looking at Ethereum, Smart Contracter says that he expects the second-largest crypto asset by market cap to continue correcting as he outlines levels where ETH might begin to bounce.

“I’m a little bit worried about ETH here, at least for the medium term. [An] argument can be made we just made an ABC up to the 0.618 [Fibo level] after a five-wave decline on [the] 4-hour [chart]. [I] sold a bit here and will look to relong any capitulation between $3,600-$3,800. [I] might be wrong but rather be safe than sorry.”

Image
Source: Smart Contracter/Twitter

Fellow crypto analyst Credible also believes that Ethereum is due for one more leg down.

“[The] bottom is near in my opinion. Maybe a sweep of the local lows at $3,800 and a final swing down but we are close… ETH.”

Image
Source: Credible/Twitter

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

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/acharyahargreaves

The post Crypto Strategist Predicts Strong Bitcoin Bounce, Maps Out Potential Capitulation Levels for Ethereum appeared first on The Daily Hodl.