Analyst Calling 2022 Crypto Crash Issues Fresh Bitcoin and Ethereum Alert
The crypto analyst who accurately called this year’s collapse in the crypto market is warning of new low prices for digital assets this month.
The pseudonymous trader known as Crypto Capo says his 573,000 Twitter followers that several market conditions are pointing towards price collapses in November for Bitcoin (BTC), Ethereum (ETH) and other altcoins.
He says the US Dollar Index (DXY) is flashing bullish and the S&P 500 (SPX) is facing resistance, both key signs of a crypto bear market. He also claims that altcoins have experienced recent artificial price pumps.
“Market update. DXY bullish. SPX at key resistance and showing bearish signs. BTC and ETH forming a top. Most altcoins have had scam pumps (some may still have). Protect your profits. New lows likely in November.”
Looking at Bitcoin, Capo tracks a reversal of the $20,000 support and resistance price level, before falling to $14,000 this month. He says the decline could come after Bitcoin hits a high this month of $21,000. At the time of writing, Bitcoin is trading hands at $20,425.
“Expecting something like this. Potential final push to $21,000 for a triple top, ending diagonally to capture longs. Bearish confirmation is the break of the wedge and the ultimate confirmation an S/R (support/resistance) flip of the $20,000 level. Main target after bearish confirmation: $14,000.”
Capo next tracks ETH will go down to the $700 to $800 price range, falling from a high of around $1,600. At the time of writing, Ethereum is changing hands at $1,577.
Looking at Capo’s Shitcoin Index Perpetual Futures chart, he tracks the index entry could fall from the current index price of $2,344 to around $2,150.
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