A Crypto Trader Expresses Doubt About Recent Crypto Bounce
A well-known crypto trader, Bluntz, is skeptical of the recent surge in Bitcoin and Ethereum prices. He believes that there is still potential for these cryptocurrencies to drop further.
Main Breakdowns:
- Bluntz does not believe that the recent increase in BTC and ETH prices is a sign of a bottom.
- He applies the Elliott Wave theory in his analysis and suggests that ETH is close to completing a five-wave pattern.
- On his chart, Bluntz shows that the five-wave pattern is nested within a larger three-wave pattern that is also on a downward trend.
- Bluntz states that his bearish forecasts would be invalidated if ETH breaks $1,804 or BTC breaks $28,770.
- Bitcoin is currently trading at $27,385 and Ethereum at $1,719.
Hot Take:
Despite the recent gains in the crypto market, Bluntz remains cautious and believes that there is still a possibility of further price drops. He suggests that both Bitcoin and Ethereum need to complete another leg down before reaching a bottom. His analysis is based on the Elliott Wave theory and he provides specific price targets to watch for. However, it is important to note that cryptocurrency markets are highly volatile and subject to rapid changes.
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