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A popular analyst with a solid track record of predicting market retracements has issued a warning about the top two crypto assets.
Pseudonym Trader Capo Fast Alert His 485,300 Twitter followers believe that scalable blockchain platform Cardano (ADA) could see a significant price drop in the coming weeks.
In a chart mapping ADA price movements dating back to May, Capo highlights a rising wedge pattern beginning with a rally that began in late July. The token fell nearly 25% last week after the market-wide woes.
The analyst also maps out a series of peaks and troughs that he believes Cardano will eventually fall into the $0.28 to $0.30 range.
At the time of writing, Cardano is slightly higher, trading at $0.46. A drop to $0.29 would see ADA surrender another 37%.
Moving to Analyst Bitcoin (BTC) follow up In a tweet on August 20th, we updated the expected support and resistance zones to move into September.
Capo expects the Dead Cat Bounce (DCB) to temporarily revive Bitcoin to around $23,000 before dropping back to $19,000.
DCB (w2) to $22,500 or $23,500, then bearish continuation.
A break below $19,000 = $16,000 should be a local bottom.
Bitcoin is currently flat on the day, trading at $21,301.
Analyst Conclusion Sharing his thoughts on the crypto market as a whole, he said:
The market is bearish. Every bounce is a good selling opportunity.
“It would be wise to withdraw from the market until it hits new lows.”
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