dailyhodl.com
A crypto strategist who nailed the Bitcoin top in January is warning that $BTC’s recovery rally may witness an abrupt end.
Pseudonymous analyst Bluntz tells his 318,200 followers on the social media platform X that Bitcoin appears to be forming a bearish divergence on the daily chart.
The bearish reversal signal suggests that bullish momentum is waning even though an asset’s price is moving higher or sideways.
Says Bluntz,
“There’s a daily $BTC bear div brewing here if it closes red by [today].
It’s unfortunate that it has appeared before fresh all-time highs, but it’s the first one since last year.
Be careful with longs in my opinion.”
At time of writing, Bitcoin is trading for $105,546.
Turning to gold, the analyst believes that the precious metal is poised to ignite a rally to a new all-time high after completing an ABC corrective wave.
Bluntz practices the Elliott Wave theory, which states a bullish asset will continue its uptrend after an ABC correction.
The trader shares a chart suggesting that gold will rally to a new record high of $3,600.
“Gold gathering steam for the next leg up here.”
At time of writing, gold is worth $3,221.
As for the memecoin Floki ($FLOKI), Bluntz predicts that the altcoin would dip to around $0.00008 before exploding to $0.00018.
“Looks like $FLOKI is one of the few memes with a clear impulse five-wave rise from the lows on the daily, indicating the low is in.
Would be very interested in bidding pullbacks around the 50 fib if given.
Have always had a soft spot for this one.”
At time of writing, $FLOKI is worth $0.000098.
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