Top Analyst Who Called Crypto Collapse Says Rallies Imminent for Bitcoin, Ethereum and Cardano

A crypto strategist who nailed this year’s meltdown in the digital asset markets says rallies are in sight for Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA).

The pseudonymous analyst Capo tells his 503,000 Twitter followers that Bitcoin looks primed for a breakout rally now that the king crypto has taken out a diagonal resistance on the lower timeframe.

“Main bearish trendline broken. Bullish confirmation for the short squeeze would be a break of the $20,700-$20,800 resistance. After this, we should see $22,500-$23,000. Invalidation for the short squeeze idea: break $19,500 and main confirmation would be a clean break of $19,000.”

Source: Capo/Twitter

At time of writing, Bitcoin is changing hands for $19,815, flat on the day.

Next up is Ethereum, which Capo says is currently presenting a good opportunity for short-term traders.

“Longed ETH, good [risk/reward] ratio. Target price: $1,800.”

Source: Capo/Twitter

Looking at Capo’s chart, he expects Ethereum to sharply correct to around $1,300 after hitting his target. At time of writing, ETH is valued at $1,558, also flat on the day.

The crypto strategist is also keeping an eye on fellow smart contract protocol Cardano. According to Capo, ADA has broken out of its diagonal resistance and now appears to be en route to his target at $0.52.

“Playing out nicely. Stop loss moved to breakeven.”

Source: Capo/Twitter

Although Capo is near-term bullish on Cardano, his chart shows that he expects ADA to witness a deep retracement to around $0.30 after his target price is met.

At time of writing, Cardano is trading for $0.47, up over 4% on the day.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/SimpleB

Source link

What do you think?

Written by Bitcoin

Opinion: Artificial intelligence can no longer be ignored – we need policies to deal with it

Social media users' competition for online clout is having real-world ramifications