A widely followed crypto strategist is updating his outlook on a surging altcoin as broader crypto markets trade sideways.
Pseudonymous Trader Credible Crypto says its 353,600 followers on social media platform
“Decent reaction on KAS since my last post about it, but we are at a local resistance level (red) and we are not seeing any impulsive PA (price action) yet, so I think there is a good chance we will decline here shortly and let’s go back down to build a bigger base.
I prefer this because even though I’m loaded, I know that the more time we spend building a foundation before the next leg, the more sustainable it will be. I would gladly trade an extra week of consolidation for a more aggressive/explosive rally when it arrives. Use this time to accumulate Kaspians.”
Source: Credible Crypto/X
The trader’s chart indicates that KAS could drop to around the $0.10 price before finally shooting past $0.16.
KAS hit a low of $0.0321 on August 29 and is trading at $0.125 at the time of writing, a gain of 289%.
The merchant then says in a video update that Bitcoin (BTC) will likely correct down more than 4% of its current value due to a sudden sell-off.
“We basically had a deviation at the range highs, many late long positions jumped to the range highs. We are now having a cash settlement. There are probably many stop losses waiting just below these lows.
We have a liquidity gap, a vacuum. So we’ll probably see a pretty aggressive sell-off to our midrange, and then lose that (again, we’ll probably have stops here too), which sends us back to our range bottom, at $35,500, where I’ve been looking for a wick.”
Bitcoin is trading at $37,120 at the time of writing, up 1.9% in the last 24 hours.
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source: dailyhodl.com