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Rallies for Bitcoin (BTC) and Ethereum (ETH) are predicted by a top cryptocurrency analyst, but there's a catch. BTC ETH big catch | BuyUcoin

A well-known crypto trader predicts Bitcoin (BTC) and Ethereum (ETH) price increases, but warns that the gains will be fleeting.

Penthoshi, a pseudonymous crypto expert, presents an inverted Bitcoin chart with his 553,700 Twitter followers to show that BTC bearish are virtually tired.

“This looks tired. So many trapped longs [shorts] there at the highs [lows] for BTC with that volume of people FOMOing in. Wouldn’t be surprised if they puke positions soon. Sometimes you need to look at your charts in a different way.”

Rallies for Bitcoin (BTC) and Ethereum (ETH) are predicted by a top cryptocurrency analyst, but there's a catch. btc | BuyUcoin

Bitcoin appears to have printed a bearish lower-high setup on Pentoshi’s inverted BTC chart, implying that a move to at least $36,000 is imminent.

Bitcoin is currently selling for $29,206, which is above Pentoshi’s critical milestone of $28,500.
When it comes to Ethereum, the crypto expert feels the cryptocurrency is due for a relief rally. He does, however, believe that Ethereum will find support at $1,700 in the coming months, possibly before the main smart contract platform’s August switch to a proof-of-stake consensus method.

“For the people asking. Short term, in my opinion, up. But before the Merge, we take out this heinous crime of equal lows on ETH.

I’ve yet to ever buy mine back that I sold at $4,100 (yes missed all ETH rallies) including the big one to $3,600. I made $0 on that.

In summer. these [get] taken out, in my opinion.”

Rallies for Bitcoin (BTC) and Ethereum (ETH) are predicted by a top cryptocurrency analyst, but there's a catch. ether | BuyUcoin

Ethereum is now trading for $1,981 at the time of writing.

Pentoshi believes that the projected rallies in the crypto markets will not continue long, and that the bounce will act as fuel for the following leg down.

“Sometimes in order for price to make new lows, price must go up first to gather strength. If you are breaking down a door with a hammer, it’s easier to break the door if you swing it back first. I think for new lows, first you must trap late longs.”

Pentoshi

Source: Dailyhodl

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