A trader who accurately called Bitcoin’s (BTC) 2018 bear market bottom says he’s bullish on two memecoins.
Pseudonymous analyst Bluntz tells his 240,800 followers on the social media platform X that the Solana (SOL)-based meme token dogwifhat (WIF) has been printing bullish higher low setups each time the asset completes a three-wave corrective move.
Bluntz is a practitioner of the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves.
According to the theory, a bullish asset tends to witness a three-wave corrective move before the next leg up.
Says Bluntz,
“WIF has essentially been trading in a large accumulation base since inception, with constant impulsive rises and constant clear corrective three-wave moves back down, each time forming a higher low.
Eventually, this base breaks out and moves higher and many will be surprised, but the signs were there.”
Source
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