The analyst, who has a successful track record of predicting market pullbacks, shared new statements. The widely followed analyst updated his comments on Bitcoin (BTC), Solana (SOL), Cardano (ADA). Here are the details…
CryptoCapo reports levels to follow for Bitcoin
Known as Capo, the trader called out to his 487,100 Twitter followers. He drew attention to the recent rally in the S&P 500 futures market. He says that with this rally, Bitcoin (BTC) is likely to recapture the $23,000 level before breaking down later. The analyst uses the following statements:
SPX futures bounced off support as expected. There are resistance levels between 4,220 and 4,280 to form a lower high. It’s only a matter of time before BTC follows $23,000-23,500 and also forms a lower high. Then we should see rejections and a continuation of the downtrend from there.
Analyst targets $16,000 for BTC
As for how low Bitcoin will go, Capo says the crypto could drop as low as $16,000. He quotes the main resistances as $22,500 and $23,500. He thinks every short squeeze to these levels is a good selling opportunity. It also points to $19,000 for the main support. He states that this is a confirmation for new declines. He says the main target is $16,000 and he believes this is likely in the coming weeks. The analyst’s overall bearish outlook for Bitcoin stretches back to March 12, when the leading crypto asset was trading at $39,000. At that time, the analyst used the following statements:
$38,000 clean break = $35,000. $35,000 break = $30,000. Below $30,000 should hit the main target of $21,000-23,000.
Also, as we reported on Kriptokoin.com, the analyst correctly predicted the downward movement in BTC on August 16. In early March, Capo predicted that the coin would fall below $23,000. Capo correctly guessed that in 2020, BTC fell to $ 3,500, and XRP fell to $ 0.11 and $ 0.13.
Analyst’s ADA and SOL predictions
The analyst then switched to the Blockchain platform Cardano (ADA). He thinks that the altcoin is likely to break out of the recent low of $0.44 to between $0.48-$0.52. In general, he believes it is a good idea to open a long position in ADA. However, he points out that what he said was “not financial advice”.
Finally, the charter concludes his crypto analysis with his explanation of what’s next for Solana (SOL). Capo answered a question about the altcoin’s ability to flip support and resistance. He said that after the SOL tried to recover from a price drop in mid-August, it would likely reach a lower low before falling below the $30 level.
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