A trader who nailed Bitcoin’s (BTC<\/a>) 2018 bear market bottom is unveiling a scenario that would liquidate both bulls and bears before the crypto king’s next leg up begins.<\/p>\n Pseudonymous analyst Bluntz tells his 223,400 Twitter followers that Bitcoin could set a bull trap by briefly surging above its annual high of around $31,500 only to correct all the way down to $29,500.<\/p>\n According to the trader, the move to $29,500 will likely be a bear trap as he expects Bitcoin to start the next phase of its uptrend following the pullback.<\/p>\n \u201cThe max pain move in this scenario that screws over as many people as possible on BTC would be taking the $31,500 highs and then taking the $29,500 lows before the real sending happens.\u201d <\/em><\/p>\n At the time of writing, Bitcoin is trading for $30,834.<\/p>\n The crypto strategist is also keeping an eye on Ethereum (ETH<\/a>), which he says is flashing bullish signals against Bitcoin (ETH\/BTC). According to Bluntz, the bullish setup of ETH\/BTC suggests that the Ethereum versus USD pair is likely to witness rallies with minor retracements.<\/p>\n \u201cAn extremely bullish four-hour chart forming on ETH\/BTC after sweeping both the highs and lows.<\/em><\/p>\n I had thought the USD pair might pull back deeper than it has but with this setup on the ETH\/BTC pair maybe we do just start marking up from here with very minimal pullbacks.\u201d <\/em><\/p>\n At the time of writing, Ethereum is worth $1,941.<\/p>\n The analyst is also watching Ethereum rival Solana (SOL<\/a>, Bluntz says he expects Solana to correct down to the $18 level in the coming days before it reverses and rallies toward $24.<\/p>\n “Stalking something like this on SOL to add to longs this week.” <\/em><\/p>\n At the time of writing, SOL is trading for $19.23.<\/p>\n Don’t Miss a Beat SUBSCRIBE<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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