A widely followed analyst with a successful track record of predicting market recessions updates his outlook on several major crypto assets.
A pseudonymous trader known as a capo To tell His 487,100 Twitter followers are on the S&P 500 futures market Bitcoin (Bitcoin) is also likely to retake the $23,000 level before collapsing.
SPX futures bounced off support as expected, forming lower highs at resistance between 4,220 and 4,280. is a matter of time.
After that, we should see a rejection from there and a continuation of the downtrend.
When it comes to how far Bitcoin will go, Capo says the cryptocurrency king has potential immersion Down to $16,000.
Main resistances: $22,500 and $23,500. Any short squeeze to these levels is a good selling opportunity.
Main support: $19,000. This is the ultimate bearish confirmation of new lows.
Main Goal: Same as always, $16,000. The next few weeks are likely.
Analyst overall bearish Outlook All the way back to March 12th, when the leading crypto asset was trading at levels around $39,000. At the time he said:
A clean break of $38,000 = $35,000. A break of $35,000 = $30,000.
Below $30,000, we should reach our main target of $21,000-$23,000.
Bitcoin is currently trading flat at $21,677.
Cardano, a scalable blockchain platform (ADA),Analyst I think Altcoins could rise from recent lows of $0.44 to $0.48 to $0.52.
“ADA Long Idea, nice. [risk/reward]This is not financial advice.
At the time of writing, Cardano is up 1.73% and is priced at $0.47.
The chart specialist concludes the crypto analysis with the following: explore Layer 1 protocol Solana (Sol).
Responding to questions about altcoins’ ability to reverse support and resistance, Capo sees SOL move lower after attempting to recover from the mid-August price drop before eventually continuing below the $30 level. It says it is likely to hit highs.
“First rise to form a lower high, then fall.”
Solana has been trading for the past 24 hours and is worth $35.95.
SOL broke below $35 on the 20th after rebounding close to $48 on the 14th of August.
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