A crypto strategist who nailed Bitcoin’s (BTC) 2018 floor price believes that the king crypto is gearing up for a bounce after yesterday’s drop to around $26,500.
Prior to the BTC price dip, pseudonymous analyst Smart Contracter told his 222,000 Twitter followers that Bitcoin was flashing signs of bullish exhaustion on the one-hour chart and could retrace toward his target at around $26,000.
“Momentum on BTC starting to wane. I think we may get an early week retest of $26,000.”
Following yesterday’s corrective move, Smart Contracter says that the BTC pullback is likely now complete. He also says that it is unlikely that the king crypto will revisit high timeframe support at around $25,800.
“Ok we swept the lows on BTC. Minimum target for retracement has been met. I dont think we will get that picture perfect high timeframe retest.”
Smart Contracter is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset typically resumes its uptrend following an ABC corrective move.
Looking at Smart Contracter’s chart, it appears that Bitcoin has already completed its ABC wave in the one-hour timeframe after printing yesterday’s low.
At time of writing, Bitcoin is trading for $26,926.
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