Crypto analyst and influential YouTuber Chris aka Satoshi stackerrecently provided its projections for the future movements of Bitcoin and Ethereum.
Keep reading to benefit from his insights.
Range-bound movement of Bitcoin
After a notable decline followed by a subsequent rise, Bitcoin is currently trading within a range, demonstrating the recognition of established support and resistance levels. Chris emphasized that the market is currently in an indecisive phase, leaving market participants unsure about the next step in direction.
Price volatility amid bullish sentiment
Despite overall optimistic sentiment, continued commentary from federal officials and events in traditional markets are contributing to price volatility. Chris believes that on balance, Bitcoin may experience some upward pressure. However, he acknowledges a recent rejection at a key resistance level of $27,000, which, while not a particularly positive sign, doesn’t deter him due to his robust trading strategies.
Also Read: ‘Rich Dad Poor Dad’ Urges You To Buy Bitcoin, Warns Of Devastating Crash – Coinpedia Fintech News
Ethereum: levels to watch
Analyzing Ethereum, Chris highlighted the altcoin’s ability to hold its position above a crucial $1,805 support level. He suggests that if the Ethereum price continues to trend downwards, this level could serve as the next line of defense. In addition, he emphasized the importance of a major level of resistance in traditional markets, often corresponding to the peak of a bear market rally.
Bot trading and adaptive strategies
Chris incorporates bot trading into his strategy, which has proven profitable so far. Anticipating a decisive movement in the market, he intends to react accordingly by adjusting his bot positions in response to significant upward or downward shifts.
In addition to his direct trading insights, Chris pointed out an interesting trend: Bitcoin prices often drop during the Bitcoin Miami conference. He advises traders to keep a close eye on this pattern as the 2023 conference unfolds.
At the time of writing, Bitcoin was trading at $26,905, while Ether was valued at $1,814.
