Crypto analyst issues warning on Bitcoin (BTC), Solana (SOL) and ApeCoin (APE) as markets correct
A popular analyst dives into the price charts to provide updates for a trio of cryptoassets as markets cool.
Pseudonymous analyst Altcoin Sherpa says to his 180,500 Twitter followers that the trend so far in 2002 for Bitcoin (BTC) has been to fall further after each consolidation event, and so he intends to proceed cautiously in the coming days.
“Is this time different? I do not know. Each and every consolidation has resulted in another leg down for Bitcoin this year.
Assuming the same thing is going to happen is probably the safest/most prudent approach [in my opinion].”
At the time of writing, Bitcoin is trading at $20,954. BTC briefly topped $24,000 on July 20, but has fallen steadily since then.
Next on the analyst’s radar is the smart contract platform Solana (SOL). Altcoin Sherpa says that despite recently reaching a price peak, SOL’s 4-hour exponential moving average (EMA) leads him to believe that the altcoin could fall to around $30-$32 before establishing a new support zone.
“First higher high in months, but the low needs to be sustained for it to be considered bullish [market structure] on lower timeframes.
Doesn’t look good [to be honest]; 4 hour EMAs all turned bearish. The low $30s could be the next support area up.”
Solana is currently valued at $35.33.
Last on the chart guru’s watchlist is the Bored Ape Yacht Club (BAYC) offshoot project ApeCoin (APE). While he remains bearish when looking at the 1-day candle, the trader plots out several Fibonacci levels where the APE may be able to make some quick rallies.
“Still a bearish one [market structure] on 1D, but I think the next areas coming up are interesting for short-term bounces.”
ApeCoin is down over 10% on the day, changing hands at $5.68.
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Featured image: Shutterstock/Tithi Luadthong
