Starting with BTC, pseudonymous crypto trader Capo tells his 443,000 Twitter followers that the flagship digital asset will hit new lows if it falls below the $19,000 level.
According to Capo, Bitcoin’s recent rise above $20,000 was a “dead cat bounce,” which was met by selling on the FTX crypto exchange. A dead cat bounce is a move to the upside in a bearish trend.
“Dead cat bounce to $20,000 again to punish late shorters. At the top of it, FTX started pushing down. Clear corrective move to the upside.
Nothing has changed. Break below $19,000 = new lows.”
Bitcoin is trading for $20,915.27 at time of writing.
Capo says the Bitcoin bottom that formed around $30,000 mid-last year mirrors the current price action. The crypto analyst is targeting a floor price for BTC between $15,800 and $16,200.
“$30,000 bottom formation (June-July 2021) Vs current price action
Expecting deviation below the current range low, which is $17,700. Main target remains $15,800 – $16,200.”
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Have a prosperous weekend, Keep the Faith!