A widely followed crypto analyst is expressing bullish sentiment on Bitcoin (BTC) days after the halving took place.
The analyst, pseudonymously known as Bluntz tells his 257,100 followers on the social media platform X that Bitcoin is preparing to break out according to price action on the two-hour chart.
Based on the pseudonymous analyst’s chart, Bitcoin appears to form a symmetrical triangle on the two-hour chart. Symmetrical triangle patterns can either be bullish or bearish – bullish if the price breaks out above the upper trend line and bearish if the price breaks down below the lower trend line.
According to the pseudonymous analyst, once Bitcoin overcomes the $67,000 resistance level, “I think the whole market flies”.
Bitcoin is trading at $66,455 at time of writing.
Bluntz also analyzes the Solana-based memecoin dogwifhat (WIF). According to Bluntz, WIF is on the cusp of a breakout after forming an ascending triangle for a period of two weeks on the four-hour chart.
Based on the pseudonymous analyst’s chart, it appears that the memecoin has also formed a three-wave pattern to the downside. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a minor correctional trend moves in a three-wave pattern.
WIF is trading at $3.38 at time of writing.
The pseudonymous analyst also offers his take on the Pepe (PEPE) memecoin.
According to Bluntz, Pepe is accelerating upwards. Based on Bluntz’s chart, it appears that Pepe has completed a three-wave pattern to the downside. The three-wave pattern ended at the 0.618 Fibonacci retracement level, based on Bluntz’s chart.
In technical analysis, Fibonacci retracement levels, which are based on Fibonacci numbers, are used to determine potential support and resistance levels. It also appears from the chart that Bluntz’s upside target of around $0.000013 could see Pepe appreciate by around 66% from the current level.
PEPE is trading at $0.00000784 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: DALLE3
Read the full article here
