As the market attempts to protect its recent gain, a well-known crypto analyst is predicting 2 altcoin projects that will break out into bulls.

Cheds expects Bitcoin to drop in the short term

The crypto analyst dubbed Cheds tweeted to his 274,100 followers that he was reviewing Bitcoin (BTC) with the 34-day EMA line. Cheds predictions are that the price of BTC will see a recovery in the coming sessions. The analyst, who warns of a possible future price drop, clarifies that Bitcoin closed above this zone for the first time in the last 3 months. Sharing the chart below on July 19, Cheds said:

First close above 34 daily EMA for BTC since April. There are some signs of a bearish downtrend. So watch out for deviations.

cryptocoin.comAs you follow, Bitcoin price is currently up over 5% in the last 24 hours. It is trading at over $24,000 at the time of writing. Meanwhile, the Ethereum price was around $1,600. ETH, which the analyst predicts will rise further, has gained more than 50% since last week.

Cheds sets next levels for leading altcoin

Cheds continues by addressing what awaits Ethereum (ETH). The analyst states that regardless of Bitcoin’s fall, Ethereum is strong enough to retrace the $1,700 level:

Even though DEMA rejects 34 due to BTC’s relative strength, $1,700 still makes sense for Ethereum.

With this long trigger from the breakout of $1,270, ETH is currently stronger than BTC. BTC remains vulnerable, but ETH is currently not (although we are trading above the upper BB). I would expect everyone to use the EMA 34 on a daily basis, not just myself. The most significant level has been reached since November.

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