Top Crypto Analyst Predicts Breakout for Bitcoin and Ethereum, Says Short Selling BTC and ETH Dangerous
A closely watched crypto analyst says that Bitcoin (BTC) and Ethereum (ETH) are preparing for the next leg of their respective rallies.
In a new video, Kevin Svenson says his 112,600 Twitter followers that both Bitcoin and Ethereum are flashing bullish signals on the lower time frames.
“It looks like [BTC and ETH] is going to break out. It seems like it’s going to happen. Bitcoin is very low in price and looks like it wants to pop. Ethereum leads the way, almost breaking out again [and] puts in a nice higher low.”
The crypto strategist also issues a warning to traders planning to short sell Bitcoin and Ethereum.
“I think it’s very dangerous to try to cut momentum short. You cannot place a short order when your EMAs [exponential moving averages] shows you the momentum is up.”
Looking closer at Ethereum, Svenson says The 20-day EMA is about to move above the 100-day EMA, indicating that momentum is shifting to the side of ETH bulls.
“Since the end of 2021, these two moving averages have 99% of the time just been pointing down… What I think is interesting is obviously we’ve had a quick shift here in the short-term yellow [20] EMA, but it’s about the cross 100 [EMA] on a daily basis. This is quite significant I would say, quite significant.
The 100 EMA had already flattened out and is now starting to point up. The momentum is really shifting right now, really shifting up.”
According to Svenson, the crossover between the two EMAs could trigger a rally to Ethereum’s macro resistance of $2,500.
“We get this cross. Momentum is picking up strongly. We can get up to $2,500.”
Although Svenson is bullish on Ethereum in the short term, he warns that ETH could fall and resume its downtrend after hitting its diagonal resistance.
At the time of writing, ETH is changing hands at $1,910 while BTC is trading at $24,184.
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Featured image: Shutterstock/Marco de Benedictis
