A prominent analyst and trader says that Bitcoin (BTC) and XRP are on the brink of collapse and could be exposed to significant breakdowns in the short term.
The pseudonymous analyst, who goes by the name Credible Crypto, tells his 69,000 Twitter followers that he recently went a long way on XRP, but was stopped when BTC withdrew on Friday.
“Well awakened stopped out of this one when BTC saw an ugly rejection overnight. The setup I took is below. Now look for a move below the dotted red lines. ”
The analyst is now warning its co-traders that the fourth largest cryptocurrency is clinging to a key area of support.
“Dotted red lines cleared … Now things are starting to get interesting … Oxen will not lose the dotted red lines at low level, which equates to a break in bullish MS (market structure) and send us down to 0.21
The analyst is also bearish on BTC in the short term. He believes Bitcoin will continue to retreat and may fall well below $ 10,000 before a turnaround. But he remains macro bullish as long as BTC remains above $ 9,600 on the weekly chart.
After BTC’s next withdrawal is completed, he believes the stage will be set for Bitcoin to finally withstand resistance of $ 12,000 in the first quarter of 2021.
As for the broader altcoin market, Credible Crypto predicts that significant sales will follow Bitcoin’s potential decline in the coming weeks. He sees the formation of a bear flag in the altcoin market value, which he says can catalyze a massive 40% devaluation.
“Two things –
I apologize for your alts in advance
2. You buy better EFFIN-DIP when we get there ”
According to the crypto strategist, altcoins with the smallest market value remain the most vulnerable and are likely to fall hardest.
“This pattern is a standard bear flag and implies that there is likely to be a collapse. And yes, minor alts will generally be hit harder while majors will be less hit. ”
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