A trader who correctly called Bitcoin’s (BTC) 2018 bear market bottom said he is bullish on two memecoins.
Alien analyst Bluntz told 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 movements by following herd psychology, which tends to appear in waves.
The theory is that bullish assets tend to have a three-wave correction move before the next advance.
Blunts says:
“WIF has essentially been trading from the beginning on a large accumulation base with consistent impulsive rises and a series of clear corrective three waves falling, forming higher lows each time.
Eventually this foundation will crumble and rise higher, much to the surprise of many. But the signs were there.”
Looking at the analyst’s chart, he seems to suggest that WIF is on the verge of breaking out of its ascending triangle pattern en route to a rebound toward its $1.40 target.
As of this writing, WIF is worth $0.507, up more than 42% in the past day.
Another altcoin on traders’ radar is the memecoin Pepe (PEPE). Bluntz shares a chart that suggests PEPE has completed a three-wave correction move and is now ready to bounce in its own direction. target $0.0000022.
“PEPE continued to rise throughout the weekend.
I really like this setup. It feels like meme season is heating up again.”
As of this writing, PEPE is worth $0.000001832, up more than 30% in the last 24 hours.
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