A broadly adopted crypto dealer is expressing bullish sentiment on one top-100 altcoin whereas updating his outlook on Ethereum (ETH) and Litecoin (LTC).
Pseudonymous analyst Bluntz tells his 223,600 Twitter followers that Fantom (FTM), which is at the moment ranked 53rd-largest by market cap, is on the cusp of a rally.
Bluntz, who makes use of the Elliot Wave idea as one in every of his technical evaluation instruments, says Fantom seems to have accomplished a three-wave corrective sample downwards round a key Fibonacci retracement degree and is about to renew the primary upward pattern. In accordance with the Elliot Wave idea, a correction happens in a three-wave sample whereas the primary pattern happens in a five-wave sample.
“Good basing construction starting to type right here on FTM.
Robust response from a significant 0.618 Fib degree and total construction from the $0.33 highs appears like a corrective A-B-C [wave pattern].
Above $0.28 and I feel FTM flies.”
Fantom is value $0.282 at time of writing.
Taking a look at ETH, the analyst says that the decrease time frames are suggesting a “fairly bleak” future for Ethereum. From Bluntz’s charts, it seems that he’s projecting Ethereum to plummet to under $1,790.
“The decrease timeframes trying fairly bleak on ETH.”
Ethereum is buying and selling at $1,885 at time of writing.
Turning to Litecoin, Bluntz seems to recommend on a chart that the Eleventh-largest crypto asset by market cap has accomplished a three-wave corrective sample at a key Fibonacci retracement degree and is on target to rally past $102.
Litecoin is buying and selling for $99.82 at time of writing.
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