A crypto analyst known for accurately rating the Bitcoin (BTC) bottom in 2018 believes that bullish price actions are reserved for Ethereum (ETH), Fantom (FTM), and a small-cap altcoin.
Pseudonymous analyst Smart Contracter tells his 221,400 Twitter followers that Ethereum rival Fantom appears poised for an uptrend after completing its corrective move lower and breaking diagonal resistance.
“The nice FTM downtrend breakout on the USD and BTC pair and the macro structure is a big clear three wave move down. It’s hard not to be looking long some things right now in light of this weekend’s price action.”
Smart Contracter practices Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price action by following the crowd psychology that tends to manifest in waves. According to the theory, a bullish asset normally resumes its uptrend after a three-wave bearish move or an ABC wave.
At time of writing, FTM is trading at $0.413, well above analyst diagonal resistance at $0.37.
Next up is The Graph (GRT) blockchain indexing protocol. According to the cryptocurrency trader, GRT also looks bullish after concluding its ABC wave to the downside.
“So many alternatives look amazing.
GRT also has a clean ABC to the downside on a weekly basis after a five wave rise.”
At the time of writing, gross gross is worth $0.144, an increase of more than 10% in the past day.
As for Ethereum, Smart Contracter says the top altcoin looks strong after rallying from a low of $1,372 on March 10 to close the previous week above $1,500.
“Damn weekly ETH looks very bullish right now, absolutely solid buy towards close.”
At the time of writing, Ethereum is trading at $1,678, an increase of more than 5% in the last 24 hours.
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