Unknown trader, known for his timely altcoin forecasts, believes one memecoin will have a huge upside.
Pseudonymous Bluntz informs his 261,500 social media followers that he is medium-term bearish for meme tokens dogwifhat.WIFHe believes that the altcoin will have a huge bounce.
Bluntz says that WIF has multiple bullish indicators, which suggest it might experience a temporary rally to relieve the pressure before continuing down its trend.
“Even though I think on high timeframe WIF It looks like it’s going to be $1. However, a first bounce of 50% could happen.
There are five waves from the lower high of $4 and some nice divergences in the 4-hour, 8-hour and 12-hour charts. [charts]. Expecting an ABC countertrend up to $3-3.4 will entice everyone to buy again. I think that shorting these levels is not smart.
Bluntz uses the Elliott Wave Theory, which is a method of technical analysis that tries to forecast future price movements by following crowd psychology. This tends to be manifested in waves. According to the theory a bearish investment will usually experience a 5-wave downtrend followed by an ABC three-wave correction.
According to the trader’s chart, it appears that WIF is about to initiate an ABC rebound after completing a five wave move downward.
Bluntz expects WIF to fall below $1 in the future.
WIF trades at $2.57 as of the time this article was written.
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