A popular crypto strategist is predicting what’s next for a trio of digital assets as the markets try to keep the recent rally going.
The pseudonymous crypto trader Cheds tells his 274,100 Twitter followers that he’s looking at Bitcoin (BTC) on the 34-day estimated moving average (EMA).
He says this is the first time the top cryptocurrency has closed above that particular metric in three months while remaining wary of potential price weakness moving forward.
“BTC notable – first close above daily EMA 34 since April.
Some evidence of weakening bear trend – continue to monitor for deviation.”
Bitcoin is currently surging, up 9% over the past 24 hours and priced at $23,512.
Cheds goes on to discuss what’s next for Ethereum (ETH), stating that the leading smart contract platform appears strong enough to recapture the $1,700 mark regardless of whether or not Bitcoin buckles.
“$1,700 still makes sense even if BTC rejects DEMA 34 given relative strength.”
At time of writing, Ethereum is up by 4.05% on the day, changing hands for $1,573.
The chart guru concludes his analysis of the top two digital assets by saying he thinks Ethereum currently appears stronger than BTC. He also notes that ETH remains above the upper Bollinger bands (BB), a metric measuring an asset’s price and volatility oscillation over time.
“ETH relative strength right now to BTC with that long trigger from $1,270 break.
BTC still looks vulnerable, ETH not really at the moment (though we are trading above upper BB).
As for daily EMA 34, I would hope everyone is using it, not just me. It’s been the most important level since November.”
Cheds also takes a look at Ethereum-based virtual world The Sandbox (SAND), highlighting the altcoin’s recent recovery from a mid-June flash crash.
“SAND flexing a lower high break.”
The Sandbox is also in the green by 5.62% on the day with a market value of $1.43.
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Source: https://dailyhodl.com/2022/07/20/bitcoin-ethereum-and-one-metaverse-altcoin-turning-bullish-according-to-closely-followed-trader/