A widely followed crypto trader is expressing bullish sentiment on one top-100 altcoin while updating his outlook on Ethereum (ETH) and Litecoin (LTC).
Pseudonymous analyst Bluntz tells his 223,600 Twitter followers that Fantom (FTM), which is currently ranked 53rd-largest by market cap, is on the cusp of a rally.
Bluntz, who uses the Elliot Wave theory as one of his technical analysis tools, says Fantom appears to have completed a three-wave corrective pattern downwards around a key Fibonacci retracement level and is about to resume the main upward trend. According to the Elliot Wave theory, a correction occurs in a three-wave pattern while the main trend occurs in a five-wave pattern.
“Nice basing structure beginning to form here on FTM.
Strong reaction from a major 0.618 Fib level and overall structure from the $0.33 highs looks like a corrective A-B-C [wave pattern].
Above $0.28 and I think FTM flies.”
Fantom is worth $0.282 at time of writing.
Looking at ETH, the analyst says that the lower time frames are suggesting a “pretty bleak” future for Ethereum. From Bluntz’s charts, it appears that he is projecting Ethereum to plummet to below $1,790.
“The lower timeframes looking pretty bleak on ETH.”
Ethereum is trading at $1,885 at time of writing.
Turning to Litecoin, Bluntz appears to suggest on a chart that the 11th-largest crypto asset by market cap has completed a three-wave corrective pattern at a key Fibonacci retracement level and is on course to rally beyond $102.
Litecoin is trading for $99.82 at time of writing.
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