Pseudonymous trader Altcoin Sherpa tells his 184,300 Twitter followers that the trends for the king crypto are not favorable to a bull run.
“Ugly stuff overall but these $18,000 lows are up. I do believe the $17,000s are eventually going to come but I don’t know what it’s going to look like.”
Later, Sherpa updates his analysis after the markets rallied and Bitcoin traded in excess of $19,000 at the close of the day.
“There have been some bullish candle closes on the 1D with the following day having nasty reversals. It’s gonna be too early to say if this is the short-term bottom or not. Best to be scalping or not in the market at all in my opinion.”
Sherpa warns that Ethereum could dip below $1,000, which is what happened in June if the larger economic conditions worsen.
“My idea of this overall area being a low move to $1,500+ is being invalidated. This currently looks ugly and maybe we just see it as a consolidation before a breakdown to the June lows.
If we see this from higher time frames, a reversal pattern would look like a double bottom. But there’s no telling if these overall lows are going to hold from June. If things get bad macro-wise, we’ll see it go to sub $1,000 quickly.”
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