Analyst under the pseudonym Capo Tells His 503k followers are on Twitter, as Bitcoin appears to be preparing for a sudden rally now that the crypto king has put up a diagonal resistance on the lower time frame.
“The main downtrend line has been broken. The bullish short pressure confirmation would be the $20,700-$20,800 resistance break. Next, we should see $22,500-$23,000. Nullifying the idea of short pressure: a break of $19,500 and the main confirmation would be a clean break of $20,500. $19,000.”
At the time of writing, Bitcoin is changing hands at $19,815, flat on the day.
Next up is Ethereum, which Capo says currently presents a good opportunity for short-term traders.
“Long ETH, good [risk/reward] Rate. Target price: $1800.
Looking at Kabo’s chart, he expects Ethereum to correct sharply to around $1,300 after hitting its target. At the time of writing, ETH is valued at $1,558, which is also stable per day.
The cryptographic strategist also monitors the Cardano smart contract protocol. According to Capo, the ADA broke out of the diagonal resistance and now appears to be on its way to its target at $0.52.
“Playing well. The stop loss has moved to the break-even point.
Although near-term Capo is bullish on Cardano, its chart shows that it expects ADA to see a deep bounce back to around $0.30 after achieving the target price.
At the time of writing, Cardano is trading at $0.47, an increase of over 4% on the day.
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