Analyst Known for Calling Bottoms Flips Bullish on Two Low-Cap Altcoins, Says a Lot of Traders Are Sidelined
A crypto strategist who nailed Bitcoin’s (BTC) bear market bottom in 2018 says he has his radar locked on two low-cap altcoins.
Pseudonymous crypto analyst Bluntz tells his 223,100 Twitter followers that the blockchain-indexing protocol The Graph (GRT) appears to be mirroring Bitcoin’s price action earlier this year when it rallied from $17,000 to above $30,000.
According to Bluntz, GRT broke out of an ascending channel and now looks poised for a rally toward his target of $0.135.
“Beautiful channel breakout on GRT after (a) slow grind up. (The) last time I saw this exact structure/pattern was the BTC $17,000 breakout before it ran to $31,000.
I love this pattern. I am long and strong on GRT.”
At time of writing, GRT is trading for $0.126.
Next up is the decentralized machine-learning network Fetch.ai (FET). According to Bluntz, FET looks bullish after bouncing close to the 0.786 Fibonacci level.
“Solid reaction down here on FET daily chart.
The left curve ape in me is wondering if it can catch some of the hype in AI stocks.”
At time of writing, FET is trading for $0.265.
Another altcoin on the trader’s list is the peer-to-peer payments network Litecoin (LTC). According to Bluntz, Litecoin appears headed toward his target of $100 after respecting the 0.618 Fibonacci level as support.
“Beautiful reaction from the 0.618 on LTC. Next stop around the $100 resistance, in my opinion, then we’ll re-evaluate from there.”
At time of writing, LTC is trading for $91.59.
Bluntz also says that he believes many traders are currently sitting on the sidelines even though crypto is beginning to show signs of bullishness.
“Interesting to see crypto up after such a long drawn-out crab market/slowly down and (with) so little enthusiasm on the timeline. My takeaway from that is a lot of people seem to be sidelined.”
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Featured Image: Shutterstock/issaro prakalung
