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.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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