Crypto Trader Bullish on an “Unpumped” Altcoin, Updates Outlook on Bitcoin (BTC) and Ethereum (ETH)
A closely followed crypto trader is bullish on an under-the-radar Layer 1 project that has underperformed other altcoins.
The pseudonymous trader and analyst Inmortal shares with his 212,000 followers on the social media platform
According to Inmortal, the DAG market structure is now bullish after an accumulation phase of more than 400 days.
“I like DAG here
> +400 days accumulation
> Accumulation retest
> Healthy market structure (consecutive HL's [higher lows] and HHs [higher highs])
I’m a simple man, I like unpumped charts.”
Source: Inmortal/X
The trader is also bullish on Ethereum, noting that ETH has broken below a critical support level in its Bitcoin (ETH/BTC) pair for the third time in the last six months. Based on its chart, Immortal seems to indicate that ETH/BTC has the potential to rise to 0.08 in the coming months.
“Power of III.”
Source: Inmortal/X
Looking at Bitcoin, Inmortal says there are three technical reasons to be optimistic about BTC's market structure.
“Consolidation below resistance.
No SFPs (Swing Failure Patterns)
No major drops.
Just higher lows, compression and big green candle.”
Source: Inmortal/X
At the time of writing, Bitcoin is trading at $68,890, down 4.3% in the last 24 hours.
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Featured image: Shutterstock/Zvereva Yana/Natalia Siiatovskaia
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