A closely followed crypto analyst is calling for rallies in one Ethereum-based altcoin and predicting an overall move in the digital asset markets on the back of a weaker US dollar.
The pseudonymous analyst known as TechDev tells his 400,000 Twitter followers that payments and remittance-focused Telcoin (TEL) could be gearing up for a bigger bounce after respecting a critical Fibonacci retracement level.
“After a retrace to the 0.618, TEL saw a weekly ‘Big Bull’ breakout from a volatility squeeze.
First green dot printed. Now trying for 2nd close above trackline.
– 2nd green dot
– Bars to flip green
– Trackline to flip green
Could be start of next major move.”
At time of writing, TEL is changing hands for $0.0018, down nearly 9% on the day.
TechDev also says that altcoins in general are set for more gains as their overall market cap holds above its 2017 high.
According to the analyst, the holding of the critical support plus a weakening US dollar index (DXY) could be a recipe for major gains in the future.
“Altcoins continue to hold above prior all-time high in what I believe is an accumulation structure…
While DXY continues its parabolic breakdown.
So long as both continue, thesis remains unchanged for last eight months:
That we’re in a flat correction within a larger move.”
Looking at Bitcoin, the popular crypto analyst says that BTC is in a 20-year long Elliott Wave cycle that could last until 2030. Elliott Wave is a technical analysis system based upon the idea that price impulses happen in a series of waves driven by crowd psychology. The theory posits that a trend comes with five major waves, with each major wave consisting of five minor waves.
According to TechDev, BTC could be targeting the $100,000 to $120,000 at some point next year, based on his interpretation of Elliott Wave principles.
“Remains primary macro Bitcoin idea, supported by weekly OBV (on-balance volume).
Cycle Wave 3 consistently 3x longer than Wave 1.
Primary 3 of Cycle 3: $100,000-$120,000 [in] 2023
Primary 4 of Cycle 3: $25,000- $45,000 [in] 2024
Primary 5 of Cycle 3: $300,000-$450,000 [in] 2025
Guides trading plan and invalidation.”
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia