Popular crypto trader and analyst says three altcoins will roar back to life once Bitcoin reaches its bottom.
The analyst, better known in the industry as Flood, tells his 87,000 Twitter followers that he is optimistic about BTC, but remains wary of the short-term path of its front knowing that many large investors have already placed their bets and entered the market.
“These are the levels I’m looking at. If $ 17,400 breaks, I think we are still bullish, but deriv v spot creep as well as bigger players already bought makes me err on the side of caution at these levels. I want to avoid being cut before we cut $ 20,000. “
Flooding is correct it is anticipated current rating of the broader crypto market on December 4th, before Bitcoin began its move to a recent low of $ 17,638.
Looking ahead, the analyst says he expects three altcoins to surge once the market rebounds.
These coins bounce the hardest when we bottom $ AAVE $ SNX $ LINK higher beta plays to your longing.
– Flood (@ThinkingUSD) December 12, 2020
Flooding he said traders should stick to the basics when assessing the market.
It warns against getting too caught up in complex technical trades, especially in the volatile and cryptic world of cryptocurrency.
“Whenever I get bored and try to make very complicated, model-based crafts, some 20-year-old physics degree drafted for me is when I tend to make the most money. Markets, especially crypto, are very narrative driven and tend to trend hard or not at all. ”
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Disclaimer: Opinions expressed in 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. You are advised that your transfers and trades are at your own risk, and that any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is the Daily Hodl an investment adviser. Note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock / Tithi Luadthong