A popular crypto strategist and trader chedsshared his predictions about the price of the leading cryptocurrency Bitcoin on his Twitter account with 285,000 followers.
popular analyst, bitcoin priceHe thinks that after a short decline to the $18,000 levels, it will enter an uptrend. This prediction of the analyst came after the possibility of printing the “two double bottoms” pattern that appeared on the daily chart.
According to Cheds, the breakout level at $22,000 for the smaller W formation and the key resistance area at $25,500 for the larger W formation.
Although the analyst thinks that the W bottom is possible for Bitcoin, he also underlined that he can keep the model intact against the possibility of BTC falling to $ 16,000.
“I think if we do W, we could also see a lower low like $16,000.”
At the time of writing, Bitcoin was trading at a constant $19,494 during the day.
Stating that he is also following Ethereum closely, Cheds thinks that ETH bulls have successfully maintained a key support level and prevented a potential sell-off that could push the largest altcoin with its market cap below $1,000.
At the time of writing, Ethereum was trading at $1,369, up over 2% in the last 24 hours.
As for leading XRP, Cheds says it’s bearish in the seventh-largest crypto by market cap until it breaks a key resistance level.
“XRP deletes any movement below $0.40 and I think it will reevaluate if it turns. Catch the trend in the rumors and sell when the news comes in, and the trend may be on its way.”
At the time of writing, XRP is trading at $0.385, up over 6% on the day.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.