Smart Contracter, which has over 204 thousand Twitter followers, states that it follows the price action of the smart contract platform Avalanche (AVAX). According to the analyst, there is currently a corrective pattern on the AVAX chart. He thinks that after the completion of this formation formation, a strong rally may come.
“As far as altcoins are concerned, I really like AVAX. Not only did it have a very strong reaction from a massive 0.618 level, but it also countered the three-wave ABC retracement from the highs to the bottom. AVAX is better than many altcoins. "I expect it to perform well. It could potentially outperform even its all-time high."
Smart Contracter applies the theory of Elliott Wave, a technical analysis that predicts future price action by following crowd psychology, which tends to occur in waves. According to Elliott Wave theory, an asset is likely to start rising again after completing an ABC correction.
What does it say about Bitcoin?
"It shows signs of strength after it manages to break above the cross resistance!"
The crypto analyst, who has been examining Bitcoin, which has upset investors with its decline in the past weeks, but started to recover towards the end of the week, says that BTC is showing signs of strength after it managed to climb above the cross resistance that has kept the coin in a bearish trend since November. He thinks that with the solid daily close above the downtrend, bullish signs not seen for almost three months are coming.
Smart Contracter is in a long-term bullish trend in Bitcoin. Last month, BTC said that it thinks it could break below the $30,000 support. However, the crypto strategist had predicted that Bitcoin would hit above $100,000 this year.