A crypto strategist who hit the bottom of the Bitcoin (BTC) bear market in 2018 says he has locked his radar on two low-cap altcoins.
Pseudonymous crypto analyst Bluntz tells his 223,100 Twitter followers that blockchain indexing protocol The Graph (GRT) seems to mirror Bitcoin’s price action earlier this year, when it surged from $17,000 to more than $30,000.
According to Bluntz, GRT broke out of a bullish channel and now appears poised for a rally toward its target of $0.135.
“Nice channel breakout on GRT after (a) slow grind. (The) last time I saw this exact structure/pattern was the $17,000 BTC breakout before rising to $31,000.
I like this pattern. I’m tall and strong on GRT.
At the time of writing, GRT is trading at $0.126.
The next step is the decentralized machine learning network Fetch.ai (FET). According to Bluntz, FET is looking bullish after it bounced near the 0.786 Fibonacci level.
“Solid reaction down here on the daily FET chart.
The lefty curve monkey in me is wondering if he can catch some of the hype in AI stocks.”
At the time of writing, FET is trading at USD 0.265.
Another altcoin on the merchant’s list is the peer-to-peer payment network Litecoin (LTC). According to Bluntz, Litecoin seems to be moving towards its $100 target after respecting the 0.618 Fibonacci level as support.
“Nice response from the 0.618 to LTC. Next stop around the $100 resistance, in my opinion, then we’ll reevaluate from there.
At the time of writing, LTC is trading at $91.59.
Bluntz also says he believes many traders are currently on the sidelines, even as crypto is starting to show signs of bullishness.
“Interesting to see crypto rising after such a long drawn out crab market/slowdown and (with) so little enthusiasm on the timeline. My conclusion is that many people seem to be on the sidelines.”
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Featured image: Shutterstock/issaro prakalung