A popular crypto trader and analyst voices bullish sentiment on Bitcoin (BTC) with one caveat.
Pseudonymous crypto trader altcoin Sherpa tells his 174,900 Twitter followers that he is “cautiously bullish” on Bitcoin, while noting that historical corrections have typically followed BTC’s bullish moves.
According to altcoin Sherpa, its bullish thesis will be invalidated if the key support level between $36,000 and $37,000 is broken.
“BTC: While I’m still cautiously optimistic until we lose $36k-$37k on high timeframe charts, it’s important to note that every single one of these moves has receded quickly. A few observations though…
1- We saw some big moves in February and March followed by a quick retracement.
2- The ‘pumps’ and ‘dumps’ have gotten noticeably smaller in the last few weeks.
3- I am still hopeful/believe we will see a move to $50k-$55k before potential new lows.”
Bitcoin is trading at $39,480 at the time of writing.
Next comes the primary token of the non-fungible tokens (NFT) collections of the Bored Ape Yacht Club, ApeCoin (APE).
While laying out two likely scenarios for APE, altcoin Sherpa says that the primary token of Bored Ape Yacht Club is more likely to break out of the current range than stay in the current zone.
“APE: In my opinion, there are two outcomes here: one is a V-shaped reversal from the $19-20 level and then big falls. The second is a longer sustained bottom in the wedding frame where the price dips between $15 and $17 for a while and then we see a more sustained move. I tend to prefer the first one.”
ApeCoin is trading at $15.67 at the time of writing.
Next comes the utility token Ethereum-based NFT marketplace LooksRare (LOOKS). Altcoin Sherpa says LOOKS will surge over 10% from current levels.
“LOOK: I’m still in this trade, I bought for $1.75, $1.60 and $1.40. Should have bought a lot more for $1.40 but it is what it is, a bit out of the loop in the market at the moment. I still think this will at least go to the low $2. Is partially sold there.”
LOOKS is trading at $1.76 at the time of writing.
Altcoin Sherpa closes with the native token of the Near Protocol (NEAR) decentralized application platform.
Using a chart showing that NEAR is currently approaching a major FibonacciApproaching the 0.5 resistance level while trading below the 200 moving average on the four-hour chart, altcoin Sherpa says traders should now reduce their positions in the token.
“NEAR: would probably be preparing to take some profits soon if that were the case.”
NEAR is trading at $12.51 at the time of writing.
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Source: Crypto News Deutsch