Bitcoin’s continued failure above $40,000 is forcing crypto analysts to find the next support levels. A Twitter analyst, known as the altcoin seer, has identified bottoms for Phantom and Bitcoin in his current analysis.
Altcoin prophet raises bearish expectation on Bitcoin
Bitcoin (BTC) and smart contract platform Fantom face serious downside risks (FTM), according to a prominent crypto analyst and investor. Twitter analyst nicknamed Capo tells his 247,700 Twitter followers that, starting with Bitcoin, Bitcoin’s negative structure remains intact despite briefly rising above the $40,000 level:
BTC. Despite the price increase of over $40,000, it remains between $33,000 and $45,000. The bear structure is still intact. Main resistance levels: $45,000 – $46,000. Main target: Main target is $21,000 – $23,000.
At the time of writing, Bitcoin was trading below $39,000. BTC could lose more than 40% of its value if it moves to Capo’s main target.
Analyst shares a historic support level
When measured from the 2018 bear market low to the 2021 bull market peak, Capo’s downside target for Bitcoin of around $23,000 corresponds to the 38.20% Fibonacci level. The analyst then comments on the historical retracement levels for BTC:
(Bitcoin chart above) Wave C, here is 1:1 of wave A, from 2018 lows ($3,200) to 2021 highs ( $69,000) reflects a 38.20% retracement of the uptrend.
will set these levels in Phantom
Next, we turn to Fantom, a scalable Blockchain with smart contracts. As long as the cryptocurrency trades below $2, Capo sees a bleak outlook for FTM in the months ahead.
This is an FTM update. Goals are set. The first target is $0.60. (splash expected from there). Target two: $0.20 (only if $2 level is not retracted). As
Kriptokoin.com, the announcement of DeFi developer Andre Cronje’s departure from the industry had a negative impact on Yearn.Finance (YFI), Solidly (SOLID) and Fantom (FTM) prices. . FTM is trading in the $1.20 region after losing the critical support of $1.4 following this news. The next support levels are $0.60 followed by $0.20, according to Capo.
37802
