A widely followed analyst gave a bleak comment on the short term for Bitcoin, Ethereum and some of the biggest crypto assets by market cap. Here are the details…
Capo expects a decline in Bitcoin and altcoins
The analyst, who goes by the name of Capo, tells his 242,000 Twitter followers that there is no reason for the rise and expects Bitcoin to crash in April. Capo expects BTC to drop from a large symmetrical triangle pattern on the 12-hour time frame and reach a target price of $21,000 to $23,000. Using Elliott Wave theory for his analysis, the trader points to Bitcoin’s main resistance level between $45,000 and $46,000.
Capo is looking at Ethereum (ETH) after BTC. The trader says he has set a buy target for ETH between $1,100 and $1,300 if it breaks the support around $2,000. “ETH’s mid-range acts as resistance after divergence above the high-range and the pivot could be broken completely. A breakout of the lower range means $1,100 – $1,300. It is in decline,” he said.
Analyst Terra also shared his comments from Fantom and Cardano
Moving forward in his analysis, Capo said that he is targeting a purchase price of between $40 and $45 for Terra (LUNA). The analyst says that the bearish argument will be invalidated if Terra breaks above the all-time high of $104. Terra is trading at $93.79 at the time of writing.
, then looking at Phantom (FTM), Capo said he expects FTM to decline based on the fact that the bullish market structure is no longer afloat and Phantom has experienced a short-lived recovery recently. . He stated that the bull market structure has deteriorated and an upward corrective movement can be seen. He said he expects $0.60 in the next few weeks. Phantom is trading at $1.41 at the time of writing.
As we have reported as Cryptokoin.com, Capo’s, who has some predictions, has come out. Another cryptocurrency on s radar is Cardano (ADA). The crypto strategist said that he will change his stance on Cardano to bullish once ADA drops to $0.15. “A rise at $0.15 in ADA will have bearish sentiment at $2.58. Cardano is trading at $1.14 at the time of writing.
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