A veteran crypto analyst warns investors about the short-term prospects of Bitcoin and Ethereum. According to Credible Crypto, Bitcoin is currently at a critical point after a rally that saw the leading cryptocurrency touch $12,000 several times this month.
If BTC fails to stay above $11,800, it could see a significant correction. If BTC falls below this level, the analyst says the next support levels are $11,660, $11,100 and $10,560.
Ethereum and Kyber Network Could Crash
Ethereum and Kyber Network are also showing signs of an impending pullback, the analyst says. Credible Crypto adds the following to his statements on the subject:
I can't see what i see in the graph. I said that I expect a decrease in crypto coins like $ETH and $KNC early this week. These dreams continue, but the goals have not been reached. I have made profit from a great part of my positions, I hope we will see more drops in the following days…
These Altcoins Will Explode In The Coming Weeks
Although Credible Crypto says a significant drop in Bitcoin price will have a negative impact on the crypto market in general, XRP and COMP are the two top cryptocurrencies of choice. Credible Crypto believes these altcoins will explode in the coming weeks and months.
The strategist says he received an unusually high number of responses from bearish traders for their shares on XRP. The analyst interprets this sentiment as a counter indicator that XRP is making a bottom and is ready for takeoff.
Credible Crypto recently said it expects XRP to pull back to $ 0.168 before the next rally. XRP moved exactly as the analyst stated, and it dropped to this low.
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Cryptocurrency Ethereum (ETH) Crypto News Altcoins Kyber Network (KNC)