A trader who accurately called Bitcoin’s (BTC) 2018 bear market bottom says he’s bullish on two memecoins.
Pseudonymous analyst Bluntz tells his 240,800 followers on social media platform
Bluntz is a practitioner of Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following the psychology of the crowd that often manifests itself in waves.
According to the theory, a bullish asset tends to witness a three-wave corrective move before the next rise.
Says Bluntz,
“WIF has essentially been trading on a large accumulation base since inception, with constant impulsive ups and constant, clear corrective three-wave moves back down, forming a higher low each time.
Eventually this base breaks out and rises higher. Many will be surprised, but the signs were there.”
Looking at the analyst’s chart, he seems to suggest that WIF is about to break the ascending triangle pattern on its way to rallying towards its target at $1.40.
At the time of writing, WIF is worth $0.507, up over 42% in the last day.
Another altcoin on the trader’s radar is the memecoin Pepe (PEPE). Bluntz shares a chart indicating that PEPE has completed a three-wave corrective move and is now on the verge of reaching its goal. goal for $0.0000022.
“A nice steady increase on PEPE all weekend.
I really like this setup, meme season feels like it’s heating up again.
At the time of writing, PEPE is worth $0.000001832, up more than 30% in the last 24 hours.
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Generated image: Midjourney