A popular analyst is setting updated price targets for two altcoins and Bitcoin as the markets enter the weekend. Here are the details…
Altcoin Sherpa: Bitcoin in the accumulation phase
Crypto trader, nicknamed Altcoin Sherpa, first stated that Bitcoin (BTC) is in an accumulation phase. He is examining the possibility of being ready for a major rally in the coming weeks. But he warns his 182,600 Twitter followers that the bearish trend makes this hypothesis unlikely. The analyst uses the following statements:
I don’t see this as the bottom yet but if it is, I expect $18,000 to be subtracted regardless. A kind of double bottom / the bottom of a longer accumulation are two potential patterns you can see. The trend is bearish though, so don’t expect that.
The analyst says that he carefully watches the $19,000 level as a strong support zone for BTC. However, he warns inexperienced traders not to invest in Bitcoin at this price. The analyst uses the following statements:
I still think $19,000 is of interest to me, there is a lot of support around. Very volatile environment, I wouldn’t recommend actively trading unless you know what you are doing.
What’s next for Ethereum?
Altcoin Sherpa analyzes the price surge in mid-August that later sent Ethereum (ETH) back above $2,000. It sees $1,730 as a possible breakout zone for the leading smart contract platform.
I still think this latest move is a bear market rally but I will continue to watch – if we see a strong breakout from the recent highs, maybe some sort of [cup and handle] pattern will play out? $1,730 is still a strong area to watch.
The analyst then presents a chart that traverses Ethereum’s exponential moving averages (EMA) between four-hour candles that date back to early July. Currently, Ethereum is seeing a mostly positive trading week. It quickly rebounded after falling below $1,500 last Sunday. Altcoin Sherpa predicts a break above $1,800 but is unsure where ETH will go next. The analyst says:
It’s good to see the EMAs reset a bit. It wouldn’t surprise me to see that this is the relative bottom. I think we see a slightly longer range followed by a move to at least $1,800. After that I have no idea. Watch double tops.
Chiliz is also in the analyst’s focus
Last on the list of chart experts is Chiliz (CHZ), the utility token of sports fan engagement platform Socios.com, which has seen an incredible rise in the past few weeks. As cryptokoin.com also reported, the CHZ token has increased by over 130 percent since the beginning of July. Altcoin Sherpa believes that Chiliz will inevitably have to pull back after such a massive rally. However, he adds that he is not yet willing to bet against the altcoin. The analyst uses the following statements:
While I wait for CHZ to do another series high, overall, I think the coin will probably drop further after such a strong run. It doesn’t short squeeze here though.
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