Cryptocurrencies

Analyst Who Called Bitcoin Plunge Warns Traders to Prepare for More Pain – BTC, Ethereum, XRP, Litecoin Forecasts

By August 29, 2019 No Comments

This article was originally published here.


 

A crypto trader who called Bitcoin’s plunge below $10,000 says the worst is not over yet.

The trader, who is known in the industry as TheBoot, was one of the few to accurately predict Bitcoin’s recent drop three days before it happened. The trader tells his 22,000 followers on Twitter that this time around, he expects the leading cryptocurrency to remain below $10,000 for more than a minute.

“BTC looks pretty bad. Shorted above 10k, today might be the last time we are at 5 digits for some time.

If we can close below the trendline I’d love to finally fill that 8.5k gap and go long around then. But it feels like if we go there we probably wick even lower.”

Right now, Bitcoin is down 2.00% at $9,518 according to COIN360 at time of publishing. Ethereum is down 2.04% at $169.70, XRP is up 1.72% at $0.2594 and Litecoin is down 3.45% at $64.63.

Source: COIN360

CoinDesk analyst Omkar Godbole says increasing selling volumes indicate BTC may drop below $9,000 in the short term.

“Bitcoin risks falling to $9,000 in the next 24 hours, having dived out of a narrowing price range on Wednesday. A violation there would expose the next support lined up at $8,500.

The breakdown looks legitimate as it is backed by a surge in selling volumes.”

Here’s a look at the latest analysis from across the cryptoverse.

Bitcoin

CoinDeskBitcoin eyes $9K price support after drop to one-month lows

Bitcoin Magazine – Weeks of consolidation for BTC now coming to a head

Ethereum

FXStreetETH/USD creeps next to the oversold zone

Crypto Daily – Support expected around $165, with resistance at $178

XRP

NewsBTCBearish trendline indicates XRP could soon test $0.2400

Litecoin

Crypto BriefingAnalysis highlights $55.00 level as possible turning point for LTC

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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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