Top Trader Says He’s Buying These Four Crypto Assets Amid Market Retreat
Analyst and trader Josh Rager is unveiling that he’s buying four cryptocurrencies amid the sustained correction in the digital asset market.
In a new tweet, the popular crypto strategist tells his 173,400 followers that he’s scooping up Bitcoin (BTC), Ethereum (ETH), smart contract platform Solana (SOL) and multi-scaling solution Polygon (MATIC).
Current positions $BTC $ETH $SOL $MATIC
But not too heavy, need confirmation before really diving in
— Rager
(@Rager) June 8, 2021
Looking at Ethereum, Rager says it must reclaim a crucial resistance around $2,500 and convert it to support. Otherwise, it risks another leg down.
“ETH here at a key level of rejection would be a bearish retest, but to close over this area into the previous range would be bullish.”
At time of writing, Ethereum is trading at $2,476, according to CoinMarketCap.
As for Bitcoin, Rager notes that he’s looking to buy any dip as he believes the leading crypto asset is poised to move higher in the long term.
“BTC starting to break down from the daily range. We’ve seen this wick back up several times – is this the time Bitcoin continues to the downside? In my opinion, we’ll still [see] some higher prices in the coming months and any lower prices are welcome for the moment.”
Fellow analyst Smart Contracter is also buying Bitcoin at current levels. He believes that a massive rally is on the horizon as sellers are starting to show signs of exhaustion.
“The way this BTC daily is shaping up, I’m inclined to think either five down is truncated. Either way, it looks bullish, and I’m starting to rebuy again. Looking at around $50,000 minimum as my target. [It] feels like chop season is nearly over.”
The trader relies on Elliott Wave theory which predicts future price action by following crowd psychology that manifests in waves. A truncated fifth wave of a bear market suggests that sellers are losing steam and a reversal is in sight.
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