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Cryptanalyst with the nickname Credible warned traders that BTC and ETH can expect a round of decline
He noted that although BTC managed to show a decent rebound on September 7 from about $ 18,500, the short-term growth potential of bitcoin is limited and it is very likely to go below the important level of $ 20,000:
“A close above $20,700 confirmed a recovery and there are chances to continue rising to $23,000. After that, a rebound down and a second visit to the $20,000 area to form a higher minimum is very likely. Then a new round of growth is possible. “
According to the Credible chart, after the corrective movement to the $20,000 area, the BTC rebound will be rapid.
With regard to ETH, the analyst sees opportunities for growth in the near future, but predicts a sharp correction after reaching the target level:
“ETH is up about 20% compared to the rebound zone and is now almost at my top target. I expect continued growth to the range of $ 1800 – $ 1900 and there we are already waiting for a pullback to new local lows. Most do not want such a development of the situation, but these are the realities. “
According to the Credible chart, the ETH rate may roll back to the level of $ 1200, which means a decrease of 36% if the target mark of $ 1900 is reached.
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