A popular analyst is setting updated price targets for a trio of cryptocurrencies as the markets head into the weekend.<\/p>\n
The pseudonymous crypto trader Altcoin Sherpa first examines<\/a> the possibility that Bitcoin (BTC<\/a>) is in an accumulation phase and priming for a major rally in the coming weeks, but cautions his 182,600 Twitter followers that prevailing bearish sentiment makes this hypothesis unlikely.<\/p>\n \u201cI don\u2019t see this as the bottom quite yet but if it is, I am expecting $18,000 to get taken out regardless.<\/em><\/p>\n Some sort of double bottom \/ longer accumulation bottom are two potential patterns that you might see.<\/em><\/p>\n Still, the trend is bearish so don\u2019t expect this.\u201d<\/em><\/p>\n The analyst says<\/a> he is intently watching the $19,000 level as a zone of strong support for BTC but warns inexperienced traders against investing in Bitcoin at that price.<\/p>\n \u201cI still think that $19,000 is the area of interest for me, lots of support around there.<\/em><\/p>\n It\u2019s a very choppy environment, I wouldn\u2019t recommend actively trading unless you know what you\u2019re doing.\u201d<\/em><\/p>\n Bitcoin\u2019s price went on a roller-coaster ride all week, currently priced at $19,920.<\/p>\n Altcoin Sherpa next analyzes<\/a> the mid-August price surge that briefly sent Ethereum (ETH<\/a>) back above $2,000. He\u2019s eyeing $1,730 as a possible make-or-break zone for the leading smart contract platform.<\/p>\n \u201cI still think this recent move was a bear market rally but I will keep watching it \u2013 if we see a strong break of the recent highs, maybe some sort of [cup and handle] pattern will play out?<\/em><\/p>\n $1,730 still a strong area to watch.\u201d<\/em><\/p>\n The analyst next provides<\/a> a chart plotting out Ethereum\u2019s exponential moving averages (EMAs) meandering through four-hour candles dating back to early July. He foresees a breakout past $1,800 but remains unsure where ETH will go afterward.<\/p>\n \u201cIt\u2019s nice to see the EMAs resetting a bit. I wouldn\u2019t be surprised to see this be the relative bottom.<\/em><\/p>\n I think that we see more ranging for a bit longer and then a move up to $1,800 at a minimum \u2013 after that, I have no idea.<\/em><\/p>\n Watch double tops.\u201d<\/em><\/p>\n Ethereum saw a mostly positive week of trading and quickly rebounded from a dip below $1,500 last Sunday.<\/p>\n ETH is currently priced at $1,573.<\/p>\n Last on the chart expert\u2019s list is Chiliz (CHZ<\/a>), the utility token of sports fan engagement platform Socios.com which has been on an incredible run over the past weeks. The CHZ token is up over 130% since early July.<\/p>\n Altcoin Sherpa believes<\/a> Chiliz will inevitably have to retrace after such a big rally but adds that he\u2019s not willing to bet against the altcoin just yet.<\/p>\n \u201cExpecting this to make another run at the highs but overall, I think this probably is going to go lower after such a strong run.<\/em><\/p>\n Not shorting here, though.\u201d<\/em><\/p>\n Chiliz is currently the 50th-largest crypto asset by market cap, up 3.90% over the past 24 hours and trading for $0.21.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get crypto email alerts delivered directly to your inbox <\/span><\/em>
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