One sentence summary – Crypto trader Bluntz doubts the recent price bounce of Bitcoin and Ethereum, using Elliott Wave theory to predict further potential falls, with a price target of $1,450 for ETH, and identifying nested patterns indicating an overall downward trend, although his forecasts could be invalidated if certain price levels are breached.
At a glance
- Crypto trader Bluntz expresses doubt over recent price bounce of Bitcoin and Ethereum
- Bluntz applies Elliott Wave theory to predict future price movements
- ETH nearing completion of a five-wave pattern with a potential price target of $1,450
- Nested patterns within the five-wave pattern indicate an overall downward trend for ETH
- Bluntz maintains a bearish outlook for both BTC and ETH, but forecasts could be invalidated if certain price levels are breached
Crypto trader Bluntz has recently expressed doubt over the recent price bounce of Bitcoin (BTC) and Ethereum (ETH).
Known for his use of Elliott Wave theory in technical analysis, Bluntz suggests that both cryptocurrencies may have further to fall.
In his analysis, Bluntz applies Elliott Wave theory to predict future price movements.
He believes that ETH is nearing the completion of a five-wave pattern.
This pattern suggests a potential price target of $1,450 for ETH.
Bluntz’s chart analysis also identifies nested patterns within the five-wave pattern of ETH.
These nested patterns are part of a larger three-wave pattern.
This larger pattern indicates an overall downward trend for the cryptocurrency.
Despite the recent price bounce, Bluntz maintains a bearish outlook for both BTC and ETH.
He notes, however, that his forecasts could be invalidated if certain price levels are breached.
Unfortunately, the specific price levels that could invalidate his forecasts were not mentioned in the available information.
At the time of writing, Bitcoin is trading at $27,385.
Ethereum, on the other hand, is priced at $1,719.
It is important to remember that Bluntz’s analysis represents his own perspective.
His analysis should be considered alongside other market indicators and expert opinions.
Additional research is advised for a comprehensive understanding of the current market conditions.
This research should also consider the factors influencing the prices of Bitcoin and Ethereum.
This brief is based solely on the provided information and does not include any external sources.
Here are all the sources used to create this article:
A person with a questioning expression looking at fluctuating line graphs representing Bitcoin and Ethereum prices.
This section links each of the article’s facts back to its original source.
If you have any suspicions that false information is present in the article, you can use this section to investigate where it came from.
|– Crypto trader Bluntz is skeptical of recent bounce in Bitcoin and Ethereum prices
– Bluntz believes there is more downside potential for BTC and ETH
– Bluntz applies Elliott Wave theory in his technical analysis
– Bluntz suggests that ETH is on the verge of completing a five-wave pattern to a price of $1,450
– Bluntz’s chart shows the five-wave pattern nested within a bigger three-wave pattern on a downward trend
– Bluntz states that his bearish forecasts for BTC and ETH could be invalidated if certain price levels are broken
– Bitcoin is currently trading at $27,385 and Ethereum at $1,719.