A popular crypto trader and analyst expresses a bullish mood for Bitcoin (BTC) with a warning.
Pseudonym crypto trader Altcoin Sherpa narrates his 174,900 followers on Twitter that he was “cautious” towards Bitcoin, noting that corrections have usually followed BTC’s uptrend in the past.
According to Altcoin Sherpa, his bullish thesis will be nullified if a key support level between $ 36,000 and $ 37,000 is broken.
“BTC: Although I’m still cautious until we lose $ 36,000 – $ 37,000 on high-time charts, it’s important to note that each of these moves came back quickly. However, a few observations…
1- We saw some big shifts in February and March followed by a quick retreat.
2- ‘pumps’ and ‘dumps’ have been noticeably smaller over the last few weeks.
3- I still hope / believe that we will see an increase of $ 50,000 to $ 55,000 before potential new falls. ”
Bitcoin is trading at $ 39,480 at the time of writing.
The next primary token is the Bored Ape Yacht Club’s collection of irreplaceable tokens (NFT), ApeCoin (APE).
As we expose two plausible scenarios for APE, Altcoin Sherpa he says that the Bored Ape Yacht Club’s primary token is more likely to break out of the current range than remain in the current zone.
“APE: There are 2 outcomes here in my opinion: one is a V-shaped reversal from $ 19 to $ 20 and then big price drops. The second is a longer sustainable bottom with a high time frame where the price for a while ranges between 15 – 17 USD and then we see a more sustainable move. I lean more towards the former. ”
ApeCoin is trading at $ 15.67 at the time of writing.
The next service token is the Ethereum-based LooksRare (LOOKS) NFT service token. Altcoin sherpa he says that APPEARANCE is set by more than 10% compared to current levels.
“APPEARANCE: I’m still in this store, I bought $ 1.75, $ 1.60 and $ 1.40. I should have bought a lot more for $ 1.40, but that’s what it is, a little out of the market circle right now. I still think this goes for a minimum of $ 2. It is sold partly there. ”
LOOKS is trading at $ 1.76 at the time of writing.
Altcoin Sherpa concludes with the source token of the decentralized application protocol Near Protocol (NEAR).
Using a chart showing that NEAR is currently approaching a key Fibonacci resistance level of 0.5 while trading below the moving average of 200 on the four-hour chart, Altcoin Sherpa he says that traders should now reduce their token positions.
“CLOSE: I’d probably prepare for a little profit soon if in this.”
NEAR is trading at $ 12.51 at the time of writing.
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Featured image: Shutterstock / Aphelleon / Vladimir Sazonov