News Tech: According to a well-known crypto analyst, Bitcoin (BTC) is leading bulls to think that the $20,000 region might be the bottom of the bear market.
“Things look safe, but they’re not… Can we ascend? Yes. These will probably certainly be used as fuel for a nuclear weapon or run. Yes, again. Almost always, these are set up as a trap for longs that grow over time and believe they are “titanium support.”
Pentoshi, a pseudonymous expert, alerts his 600,100 Twitter followers that Bitcoin has hit support three times in the range of $20,000 in the last month or so.
Multiple bounces off a support level in technical analysis indicate that a breakdown is imminent when supply at that particular price region runs out.
Enjoyoorrsss, BTC weekly 200 moving average.
At time of writing, BTC is swapping hands for $21,400 while the 200-week moving average is hovering above $23,000. As for Ethereum (ETH), the crypto analyst warns that the leading smart contract platform just respected a crucial resistance level, suggesting that the downtrend is very much intact.
“The story writes itself. ETH.” At time of writing, ETH is trading at $1,642, below Pentoshi’s marked resistance at $2,000.