A popular crypto analyst is updating his outlook on Bitcoin (BTC), Dogecoin (DOGE), and an altcoin that has skyrocketed over the last day.
Pseudonymous analyst Altcoin Sherpa tells his 184,000 Twitter followers that he doesn’t think the king crypto is currently at a level where it’s a good investment.
“BTC: Levels I’m eyeing if we break this current area. Things are looking interesting but I still don’t think you should buy this current area.”
Bitcoin is changing hands for $20,029 at time of writing.
Next up on the trader’s list is popular meme token Dogecoin. Altcoin Sherpa says that DOGE may be entering into a double-top pattern, but doing so would largely depend on BTC’s performance.
“DOGE: I’m still in my short; it’s pretty close to my initial entry. I have stops pretty much at [break even] and I already took half off at the TP1 area. To be determined if this is a double top area or not, it’s going to really depend on BTC in my opinion. At the worst, it’s a hedge.”
A double-top pattern is a bearish reversal pattern that forms after an asset reaches a high price point twice. Dogecoin is trading for $0.064 at time of writing, a 1.43% gain on the day.
Altcoin Sherpa concludes his analysis by saying that the native asset of decentralized finance (DeFi) exchange platform SushiSwap (SUSHI) is worth shorting despite having risen over 16% during the last 24 hours.
“SUSHI: Had a new chef announced, bullish impulse. We’re seeing some interesting moves in the DeFi sector. I still think that this is a good short to be honest; it’s entering a supply zone and had a big recent move. Would obviously flip bias if it smashes through here.”
SUSHI is moving for $1.32 at time of writing, a 28% increase from its week-low of $1.03 set on October 3rd.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2022/10/06/crypto-trader-updates-outlook-on-bitcoin-dogecoin-and-one-altcoin-thats-exploded-in-the-last-24-hours/