Trader Warns Bitcoin (BTC) Flashing Bearish Reversal Signal, Says Gold Gathering Steam for Next Leg Up
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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