A closely followed crypto analyst and trader warns traders that deep corrective moves are imminent for smart contract platforms Ethereum (ETH) and Cardano (ADA). He also shares Bitcoin comments. The analyst comments in a generally negative tone. As Kriptokoin.com, we are citing the analysis of the trader…
Capo conveyed the analysis of altcoin
As we reported earlier in this article, analyst Capo, who has holding predictions, gave his 244,000 Twitter followers after Ethereum rejected the resistance around $3,000. He said he thinks it could go as low as $1,400.
At the time of writing, Ethereum is trading at $2,678, down nearly 15 percent from its seven-day high of $3,189. Looking at Cardano, Capo says he sees that ADA now found support at $0.50 and broke the support at $1.00. “The next level of support is $0.50,” he says.
At the time of writing, Cardano is changing hands at $0.97. If ADA follows Capo’s scenario, moving to $0.50, this represents a downside potential of over 48 percent. Capo is also closely following Ethereum rival Phantom (FTM). He says that this coin also now confirms its bearish thesis and is on its way to its target of $0.95. He posted the following chart saying “FTM update”:
What do the charts show for Bitcoin?
As for Bitcoin (BTC), Capo says it monitors supply and demand by providing a visual representation of the market’s order book. According to the crypto analyst, he sees Bitcoin fueling another sell-off event as the heatmap shows limited demand. “The little demand there is weakening and supply is strengthening. Horizontal movement = correction. More negativity is expected soon,” he says.
Capo also says that he expects BTC to eventually gain support around $30,000. He states that the rise between $43,000 and $44,000 is complete in the short term. In the medium term, he says, the drop to $38,000-39,000 for the largest cryptocurrency by market cap is complete. Now he thinks that $21,000 and $23,000 levels can be expected with a downtrend below $30,000.
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