Smart Contracter is a popular crypto strategist and trader and goes on to say that Bitcoin (BTC) may still need to make some massive correction.
Furthermore, Smart Contracter says it’s possible that Bitcoin may be trading in a wide range $69,000 and $30,000.
More so, also saying that Bitcoin may be on its way to a long-term support of around $30,000.
“What if we take out the June lows again after taking out the April highs all as part of a larger…”
“structure that ruins both bulls and bears? I wouldn’t rule it out…”
Then, Smart Contracter continues.
“Also on a side note, I maintained my bullish bias for too long and…”
“vastly underestimated the severity and depth of this dip.”
“If it happens like this, I think it will all happen much faster than depicted…”
“It’s not drawn to scale. I’m just bad at drawing”
So, Smart Contracter adds.
Additionally, considering Bitcoin chart, it looks like its taking the pattern of the range-bound accumulation. Of course, of the Dow Jones Industrial Average Index (DJI) from 2000 and 2010. More so, if so, then Bitcoin will test below $30,000 before engaging in another massive rally.
Then, Smart Contracter confirms that the correction will place Bitcoin in a position hit above $100,000. Currently, Bitcoin is trading at $48,116.
Lastly, Smart Contracter considers Ethereum (ETH), noting that he’s careful on the leading smart contract platform after breaking its diagonal support.
“This trend line break on ETH/USD is super worrying to me. Over the last week,…”
“it looked somewhat salvageable but yesterday’s daily close sent it from…”
“looking [salvageable] to looking outright terrible, in my opinion.”
Then, Smart Contracter concludes.
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