Cryptocurrency analyst and trader Jason Pizzino believes three top altcoins may be forming bullish reversals after the market’s correction.
In a new video, Pizzino tells his 348,000 YouTube subscribers that Ethereum (ETH) may soon regain $3,000 as support after bouncing off of a low of around $2,100.
“Overall, the smart money bought this thing up pretty damn hard. It’s hit all the targets now down to 150%, so that’s $2,100 to $2,200…
We are now looking for closes above $2,900. Another massive thing about this bar is that it had huge volume, and it closed back above all these previous tops at $2,700. That was the previous support area…
It’s got to get back above this swing low here at $2,950 and then ideally above that 50% level at around $3,100.”
He also says that ETH in its Bitcoin pair (ETH/BTC) on the weekly chart may be forming a double-bottom pattern, which is typically considered a bullish reversal pattern.
“ETH/BTC pairing, it needs to get back above these swing bottoms…
Potential double bottom here with the December 2020 low, that’s back at around 2.2%, so we could be in for some sort of double bottoming here.”
ETH/BTC is trading for 0.02750 BTC ($2,663) at time of writing, down 2.83% in the last 24 hours.
Next up, the analyst says that Ripple’s XRP may print a bullish higher-low price pattern on the daily chart after bouncing from $1.80.
“Maybe you got a little more downside here into a higher low with more fear coming into the sentiment.”
XRP is trading for $2.51 at time of writing, down 7.3% in the last 24 hours.
Lastly, he says that Ethereum competitor Solana (SOL) may reclaim $235 as support after bouncing off a “panic” low.
“We’re seeing another panic low [at $176.]. Typically from these panics, they are reversal points. So we could be in for a reversal here. And then you would just look to your next levels at the 50%, so $235 – so some close above $235, $250 ideally, that’s going to be a nice, stronger position for Solana moving forward.”
Solana is trading for $205 at time of writing, down 5.2% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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