Trader Warns Bitcoin (BTC) Flashing Bearish Reversal Signal, Says Gold Gathering Steam for Next Leg Up
A crypto strategist who nailed the Bitcoin prime in January is warning that BTC’s restoration rally could witness an abrupt finish.
Pseudonymous analyst Bluntz tells his 318,200 followers on the social media platform X that Bitcoin seems to be forming a bearish divergence on the each day chart.
The bearish reversal sign means that bullish momentum is waning regardless that an asset’s worth is transferring increased or sideways.
Says Bluntz,
“There’s a each day BTC bear div brewing right here if it closes pink by [today].
It’s unlucky that it has appeared earlier than recent all-time highs, but it surely’s the primary one since final yr.
Watch out with longs for my part.”
At time of writing, Bitcoin is buying and selling for $105,546.
Turning to gold, the analyst believes that the dear steel is poised to ignite a rally to a brand new all-time excessive after finishing an ABC corrective wave.
Bluntz practices the Elliott Wave idea, which states a bullish asset will proceed its uptrend after an ABC correction.
The dealer shares a chart suggesting that gold will rally to a brand new report excessive of $3,600.
“Gold gathering steam for the following leg up right here.”
At time of writing, gold is price $3,221.
As for the memecoin Floki (FLOKI), Bluntz predicts that the altcoin would dip to round $0.00008 earlier than exploding to $0.00018.
“Appears like FLOKI is likely one of the few memes with a transparent impulse five-wave rise from the lows on the each day, indicating the low is in.
Can be very fascinated with bidding pullbacks across the 50 fib if given.
Have at all times had a smooth spot for this one.”
At time of writing, FLOKI is price $0.000098.
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