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Home»Analysis»Top Crypto Analyst Says One Ethereum Rival Flashing Bullish Signal, Updates Outlook on Bitcoin
Analysis

Top Crypto Analyst Says One Ethereum Rival Flashing Bullish Signal, Updates Outlook on Bitcoin

2023-07-08No Comments2 Mins Read
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A widely followed crypto strategist and trader is expressing bullish sentiment on a large-cap Ethereum (ETH) rival.

Pseudonymous analyst Pentoshi tells his 697,200 Twitter followers that Solana (SOL) looks bullish as it appears to have broken above its horizontal and diagonal resistances converging at around $20.

The analyst also says that the Ethereum competitor also looks strong against Bitcoin (SOL/BTC) and Ethereum (SOL/ETH).

“SOL: all of a sudden showing some pretty promising signs of life on BTC and ETH pairs as well as a potential deviation and trend line break on the US dollar.

This is one I plan to buy heavily this year and is one of my strongest conviction bets for the bull run, whenever it comes.”

Image
Source: Pentoshi/Twitter

Pentoshi also shares a chart of SOL/BTC, which shows that the pair appears to have created a potential double-bottom reversal structure on the daily chart.

Image
Source: Pentoshi/Twitter

Solana is trading at $21.62 at time of writing, up over 6% in the last 24 hours.

Turning to Bitcoin, the analyst says that he is waiting for buy-the-dip opportunities for BTC, believing that the exchange-traded fund (ETF) narrative will propel the crypto king to higher levels.

“Will be buying any dips, because I simply believe as we get closer to the ETF date, the price will be higher as people speculate on the flows of billions of dollars. Whether that is right or wrong, it will be the narrative in my opinion.

Sellers win small battles, but the buyers have been winning the war this year.”

Pentoshi also says he is targeting the $26,600 level as a potential accumulation zone for BTC.

See also  Bitcoin Price Key Indicators Suggest A Strong Case For More Losses

“Not going to diddle in the middle. The dip I want to buy is in the grey box [around $26,600]. The next area I want to sell is the magnet [around $32,400].

We have been long and strong since $26,600. Trying to capture the meat of the move.”

Image
Source: Pentoshi/Twitter

Bitcoin is trading at $30,114 at time of writing.

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Analyst Bitcoin Bullish Crypto Ethereum Flashing Outlook Rival Signal Top Updates
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solana
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usd-coin
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tron
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dogecoin
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staked-ether
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bitcoin
Bitcoin (BTC) $ 103,491.73
ethereum
Ethereum (ETH) $ 2,427.35
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.12
bnb
BNB (BNB) $ 643.88
solana
Solana (SOL) $ 140.09
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.272537
dogecoin
Dogecoin (DOGE) $ 0.163448
staked-ether
Lido Staked Ether (STETH) $ 2,427.18