An analyst who accurately rated the 2018 price low for Bitcoin (BTC) believes rallies are on the horizon for Ethereum (ETH) and its rival Solana (SOL).
Looking first at Ethereum, pseudonymous trader Bluntz tells his 226,200 followers on social media platform
According to the analyst, ETH also showed a bullish divergence on the 30-minute chart, indicating that momentum is building for the leading smart contract platform.
“Although ETH has been the bane of my existence because ETH/BTC has been a perpetual bag of shit, I still think there is a nice flat setup here in the USD pair with five descending waves already finished and a nice moment low. frame divergence to confirm it.
I think ‘the dip’ is over and we will at least look for one more high above $1,880 from here.”
Fountain: Bluntz/X
Bluntz practices Elliott wave theory, a method of technical analysis that attempts to predict future price action by identifying mass psychology that tends to manifest in waves. Looking at the trader’s chart, he seems to predict that ETH will break above $1,900 in the near term.
At the time of writing, Ethereum is worth $1,850.
Next up is Solana, which the trader believes has more gas left in the tank even though it is already up approximately 338% this year.
“An 18% three-wave retracement in a monster uptrend, yes please. This will go straight to $50+.”
At the time of writing, SOL is worth $42.
Bluntz is also watching the performance of the US Dollar Index (DXY), which tracks the value of the dollar compared to a basket of foreign currencies. According to the analyst, risk assets like cryptocurrencies may see bullish moves as he believes the DXY is primed for a significant correction.
“DXY is now actually back in the high time range.
Take a chance, bitches, come on!
Based on the trader’s chart, it seems to predict that the DXY could fall below the key 100 point support level.
At the time of writing, the DXY is trading at 105.069 points.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and trading are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: Halfway through the trip
source: dailyhodl.com
