Top Crypto Analyst Issues Bitcoin Warning As BTC Exploits Critical Resistance At $ 50,000

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Leading cryptocurrency analyst and trader warns Bitcoin investors and traders as the leading cryptocurrency posts a new 90-day high above $ 50,000.

The crypto strategist, known in the industry as Credible, tells his 228,100 followers that he sees Bitcoin pulling out as it approaches a crucial resistance zone.

“As we approach the key resistance between $ 52,000 and $ 60,000, it is time to be careful. While there is a possibility that we will take a step, this region is the MOST LIKELY place to see a correction if we want to get one. Plus, funding has turned positive for the first time since our low of $ 28,000. “

Source: Credible / Twitter

According to the trader’s chart, Bitcoin is likely to see support again around $ 42,000 before setting off a new rally that could send the crypto king above $ 60,000.

The crypto analyst is also looking at XRP, which he says is in the middle of a retracement after hitting a 90-day high at $ 1.35.

“I see it as a pretty clear five wave upward push, which means that this two down wave, this correction, is a buying opportunity. The official invalidation is going to be here at the low at $ 0.69… We have our daily support here ($ 1.07) which is that level that acted as resistance that we have reversed so it’s going to act as support. Below we have the wick area (around $ 1), which is the bullish order block that led to the breakout …

Ideally I would like to see a wick in this area, but no daily fencing below our daily support.

Credible’s predictions are based on Elliott Wave Theory, a technical analysis approach that predicts price action by following the psychology of market participants who tend to manifest in waves.

After the second wave correction, the crypto strategist predicts that XRP will rally to its initial target of $ 1.50.

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Featured Image: Shutterstock / Roman Sigaev

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