[ad_1]
A closely-watched crypto strategist believes that Bitcoin (BTC) looks poised for a quick surge higher.
Pseudonymous analyst Kaleo tells his 553,400 Twitter followers that crypto king Bitcoin could be brewing for a short squeeze.
“Finally, it looks like BTC is ready to break out of the $16,000-$17,000 base range that has been stuck for the past few weeks. Start compressing.
Source: Kaleo/Twitter
A short squeeze occurs when traders who borrow an asset at a certain price in the hope of selling lower to pocket the difference (short) are forced to buy back as the trade moves against them.
Looking at Kaleo’s chart, it looks like he thinks Bitcoin could hit $18,800. At the time of writing, Bitcoin is changing hands for $16,930, suggesting a nearly 10% upside for the crypto king should it hit the analyst’s target.
As for Ethereum (ETH), the crypto strategist also believes the top smart contract platform is poised for a rally.
“Ethereum/ETH finally looks ready for the next leg up in the ~$1,400 range.
Should see some pullback and consolidation in there before continuing higher.
Source: Kaleo/Twitter
At the time of writing, Ethereum is valued at $1,261.
The crypto strategist is also keeping a close eye on the S&P 500 (SPX). According to Kaleo, SPX looks set to clear its resistance at 3,900.
“Again, when SPX exceeds 3,900 [points]buckle up your seatbelts.
Source: Kaleo/Twitter
Traders are keeping an eye on the SPX as crypto markets tend to mirror movements in the stock index.
At the time of writing, SPX is trading at $3,895.
Don’t miss a beat Subscribe to receive crypto email alerts straight to your inbox Check price action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
Featured Image: Shutterstock/TadashiArt/Sensvector
|
Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMidWh0dHBzOi8vZGFpbHlob2RsLmNvbS8yMDIzLzAxLzA4L3RvcC1jcnlwdG8tYW5hbHlzdC1wcmVkaWN0cy1pbW1pbmVudC1zaG9ydC1zcXVlZXplLWZvci1iaXRjb2luLWJ0Yy1oZXJlcy1oaXMtdGFyZ2V0L9IBeWh0dHBzOi8vZGFpbHlob2RsLmNvbS8yMDIzLzAxLzA4L3RvcC1jcnlwdG8tYW5hbHlzdC1wcmVkaWN0cy1pbW1pbmVudC1zaG9ydC1zcXVlZXplLWZvci1iaXRjb2luLWJ0Yy1oZXJlcy1oaXMtdGFyZ2V0L2FtcC8?oc=5 The mention sources can contact us to remove/changing this article |
[ad_2]