The cryptocurrency market has slipped into the red zone after Federal Reserve Chairman Jerome Powell took a hawkish stance in his testimony to Congress. Therefore, it seems that the dark clouds over the market will not dissipate. A crypto analyst known for his accurate predictions has burned signals for two altcoins and is giving a bearish warning.
“A multi-month drop is coming for the leading altcoin!”
Crypto analyst nicknamed Smart Contracter, who is famous for knowing the 2018 bear market bottom of the leading cryptocurrency Bitcoin (BTC) and has many successful predictions like this, the leading altcoin Ethereum (ETH) and the local token of the largest crypto exchange Binance Binance Coin (BNB) It says it’s burning bearish signals for the ). For the analyst’s accurate predictions cryptocoin.com Check out this article. The analyst draws attention to the downward trend that Ethereum showed last week and makes the following statement:
After splitting from a larger bear flag last week, the bear flag has pretty much reappeared. This definitely doesn’t look good. The casual mode of the past few months seems to be over for now. Line up the multi-month pulse.
Source: Smart Contracter / TwitterThe analyst is also looking at Ethereum versus Bitcoin, the ETH/BTC pair. Smart Contracter says that the pair has already removed its cross support. Accordingly, the analyst said, “ETH/BTC momentum is starting to decline. Has a date been set for the Shanghai update yet?” says.
Source: Smart Contracter / TwitterMeanwhile, the Shanghai update, which is an Ethereum upgrade, has been delayed to late March or early April. This upgrade will allow validators to withdraw ETH from Ethereum’s PoS Blockchain for the first time since the transition from the PoW consensus mechanism. At press time, ETH was trading at $1,563, down 0.73% on a daily basis. The leading altcoin has lost about 5% on a weekly basis.
“BNB looks terrible on weekly view!”
Smart Contracter then takes a look at BNB, the native token of the world’s largest crypto exchange Binance. The analyst says that the large-volume altcoin project could print a bearish Head and Shoulders (H&S) pattern on the weekly chart. In this context, the analyst makes the following statement:
BNB looks absolutely terrible on the weekly USD pair and pair. The US is heavily targeting Binance and this is reflected in the chart.
Source: Smart Contracter / TwitterIn the meantime, it’s worth noting that investors tend to watch the H&S pattern-forming assets closely as it could indicate bearish momentum is improving. At press time, BNB was changing hands at $290.16, up 0.7% on a daily basis. The altcoin also saw a 4.58% drop on a weekly basis.
