Altcoin Sherpa, a closely followed cryptocurrency analyst, is urging caution in the face of what he perceives to be a bearish trend for Bitcoin (BTC).
Altcoin sherpa informs 219,000 of his followers via the social media platform X, that BTC continues to print bearish patterns daily on the chart.
He shows a graph that suggests BTC has formed a set of simple lower highs, and lower lows.
What could change? What would change this?
“I’m not saying it’s all over, but be careful.”
The trader says that a further drop in Bitcoin may present an opportunity to buy altcoins for a discounted price.
Altcoin Sherpa believes that the area around $125 for Solana (ETH’s rival) is a possible area of interest.
The area between $125 and $138 seems to be the most interesting. Demand zone + [Support flip resistance] + 200 day exponential moving average. I’d love to purchase some more in the area .”
Memecoins are also being considered by the trader as possible entry points.
Altcoin Sherpa, using Fibonacci levels to calculate retracement, says several Solana memecoins such as dogwifhat, Popcat, and Bonk could present opportunities in the face of recent corrections.
If I was actively trading, I would buy the 0.50 and 0.382 fib and sell all midcap top memes such as WIF, Popcat and BONK. Popcat, for example, seems to be a really good stock in this consolidation. However, it would give you more ammunition for the lower price. To be honest, I would probably only go half in. .”
Bitcoin currently trades for $58,459 while Solana has a value of $143.44.
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The post This Post Analyst Issues Bitcoin Warn, Says BTC is Still in Bearish structure Amid Euphoria over Bounce above $60,000 will be updated as new developments unfold.
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