Pseudonymous analyst Smart Contracter tells his 210,000 Twitter followers that leading smart contract platform Ethereum has achieved a bullish milestone this week after ETH recovered one crucial bottom indicator.
“ETH [has] reclaimed its 200-week moving average this week. BTC will probably [do the same] next week. The time to be bearish has definitely come to an end, in my opinion.”
Smart Contracter subscribes to the Elliott Wave theory, a technical analysis approach attempting to predict future price action by following the psychology of market participants that tends to manifest in waves. Looking at the analyst’s chart, it appears that Ethereum has completed an A-B-C wave, suggesting a reversal in trend.
The crypto analyst is also keeping an eye on Ethereum against Bitcoin (ETH/BTC). Smart Contracter is predicting a steep surge for the pair from its current price of 0.069 BTC ($1,528) to 0.10 BTC ($2,215).
“ETH/BTC powering forward, clearing the 0.065 resistance with ease. Max pain is probably straight up leaving the swathes of bears and MuH macro experts on the sides with no retests or optimal entries.”
Another coin on the trader’s radar is Binance Coin, the native asset of crypto exchange giant Binance. Smart Contracter says BNB appears poised to break out against Bitcoin (BNB/BTC) and print fresh all-time highs.
“BNB/BTC on the cusp of breaking out of an almost year and a half consolidation. Once it does it will full send in my opinion, with no overhead resistance in sight.”
At time of writing, BNB/BTC is trading at 0.0117 BTC ($258.94), close to hitting Smart Contracter’s resistance around 0.012 BTC ($265.58).
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