A closely watched cryptocurrency strategist is warning that the Bitcoin (BTC) correction may not be over yet.
Pseudonymous Analyst, Altcoin Sherpa To tell 215,800 followers on social media platform
“BTC: I don’t think we are out of the woods yet. We still need to regain some levels. [May 2nd’s] Altcoin action is great, but I'm not going all out at the current level. In my opinion, first wait for BTC to show more strength and break above $60,000. ”
Analyst too To tell Bitcoin's sudden drop below $58,000 this week is similar to other corrections this cycle. He shares a chart from when Bitcoin fell from $47,000 to below $39,000 in January, before continuing to rise.
“BTC: In reality, this price movement is quite normal, with greater volatility during the formation of a bottom. Although this is not necessarily a “bottom”, this is generally the case. You can see it. I look forward to more chops and more. over the next few days. Don’t get chopped up and turned into shit.
At the time of writing, Bitcoin was trading at $59,389, up 2.5% in the past 24 hours.
Next is the analyst To tell Based on his chart of Fibonacci retracement levels, Ethereum (ETH) competitor Solana (SOL) could correct to $116 in the short term, but could rise in the coming months. .
“SOL: Just dollar cast the average and don't worry. So wait 12 months and sell higher.”
Solana is trading at $139.15 at the time of writing, up more than 4% in the past 24 hours.
Finally the analyst To tell The governance token of decentralized finance protocol Ethena (ENA) says it looks likely to further extend its upward momentum after retesting the $0.76 Fibonacci retracement level.
ENA: I missed this one, but I think it's solid. The market looks okay with the .618 Fibonacci + support/resistance level. ”
Ethena is trading at $0.80 at the time of writing, up 1% in the past 24 hours.
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