Here’s what’s happening to Bitcoin, Ethereum and Cardano, according to Trader who predicted 2022 BTC collapse
A widely followed crypto trader outlines the way forward for three major digital assets, including Bitcoin (BTC) and Ethereum (ETH).
Starting with BTC, pseudonymous crypto trader Capo says his 443,000 Twitter followers that the flagship digital assets will hit new lows if it falls below the $ 19,000 level.
According to Capo, Bitcoin’s recent rise of over $ 20,000 was a “dead cat bounce”, which was met by selling on the FTX crypto exchange. A dead cat bounce is a move to the upside in a bearish trend.
“Dead cat jumps to $ 20,000 again to punish late shorters. On top of that, FTX began to push down. Clear corrective move to the top.
Nothing has changed. Break below $ 19,000 = new lowest values. “
Bitcoin is trading at $ 20,620 at the time of writing.
Capo sier The Bitcoin bottom, which formed around $ 30,000 in the middle of last year, reflects the current price action. The cryptanalyst is aiming for a floor price for BTC between $ 15,800 and $ 16,200.
«Bottom formation of USD 30,000 (June-July 2021) vs. current price measures
Expect deviations below the current lowest range, which is $ 17,700. The main target is still $ 15,800 – $ 16,200. “
Next up is Ethereum (ETH). The crypto dealer sier a fall below $ 1000 with the second largest digital asset by market value could trigger a fall of over 30% from today’s price.
«ETH
Previously tests all-time high as resistance and forms a corrective move. Bearish.
Pure break below $ 1000 = $ 600-700. “
Ethereum is trading at $ 1200 at the time of writing.
Capo concludes its analysis with Cardano (ADA), saying he is “very bearish” on the eighth largest crypto asset by market value.
“ADA
Support broken and now tested as resistance. Very bearish. “
Cardano is trading at $ 0.42 at the time of writing. Earlier this week, Capo so Cardano’s next support level is $ 0.29 to $ 0.31.
“ADA
Sixth press support. Gets weaker and weaker.
Next support: $ 0.29 – $ 0.31. “
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