Top Trader Outlines ‘Max Pain’ Scenario for Bitcoin (BTC), Updates Outlook on Ethereum (ETH) and Solana (SOL)
A dealer who nailed Bitcoin’s (BTC) 2018 bear market backside is unveiling a situation that will liquidate each bulls and bears earlier than the crypto king’s subsequent leg up begins.
Pseudonymous analyst Bluntz tells his 223,400 Twitter followers that Bitcoin may set a bull entice by briefly surging above its yearly excessive of round $31,500 solely to appropriate all the way in which right down to $29,500.
In response to the dealer, the transfer to $29,500 will doubtless be a bear entice as he expects Bitcoin to begin the following section of its uptrend following the pullback.
“The max ache transfer on this situation that screws over as many individuals as attainable on BTC can be taking the $31,500 highs after which taking the $29,500 lows earlier than the true sending occurs.”
At time of writing, Bitcoin is buying and selling for $30,834.
The crypto strategist can also be maintaining a tally of Ethereum (ETH), which he says is flashing bullish alerts in opposition to Bitcoin (ETH/BTC). In response to Bluntz, the bullish setup of ETH/BTC means that the Ethereum versus USD pair is prone to witness rallies with minor retracements.
“A particularly bullish four-hour chart forming on ETH/BTC after sweeping each the highs and lows.
I had thought the USD pair may pull again deeper than it has however with this setup on the ETH/BTC pair possibly we just do begin marking up from right here with very minimal pullbacks.”
At time of writing, Ethereum is price $1,941.
The analyst can also be watching Ethereum rival Solana (SOL). Bluntz says he expects Solana to appropriate right down to the $18 degree within the coming days earlier than it reverses and rallies towards $24.
“Stalking one thing like this on SOL so as to add to longs this week.”
At time of writing, SOL is buying and selling for $19.23.
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