A crypto strategist who nailed Bitcoin’s (BTC) 2018 bear market bottom says that a trio of altcoins is giving warning signs for the rest of the crypto markets.
Pseudonymous analyst Smart Contracter tells his 222,300 Twitter followers that he has reduced his crypto holdings after seeing the charts of Fantom (FTM), The Graph (GRT) and dYdX (DYDX).
According to the crypto strategist, the three altcoins appear to be on the cusp of a sell-off event.
“Haven’t looked at any charts over the last few days over Easter, but I actually just trimmed some exposure now after having a proper scan.
Seeing quite a few bear flags breaking down on a lot of alts which may be giving off warning signs for the rest of the market.”
Looking at the trader’s chart, it appears that Ethereum (ETH) rival Fantom has already taken out the diagonal support of the bear flag, with the next support at around $0.386.
At time of writing, FTM is trading for $0.453.
As for blockchain-indexing protocol The Graph, the crypto analyst shares a chart showing that GRT is in the midst of an ABC corrective wave while trading in a bear flag with a downside target at $0.12.
At time of writing, GRT is trading for $0.144.
Looking at the decentralized exchange dYdX, the trader shares a chart to show that the altcoin has already broken down from a bear flag.
At time of writing, DYDX is worth $2.47.
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Source: https://dailyhodl.com/2023/04/10/analyst-known-for-calling-bottoms-says-fantom-and-two-other-altcoins-flashing-warning-signs-for-crypto-market/