A famous cryptocurrency strategist who raised the alarm about the cryptocurrency price crash this year is now updating his forecasts for the two best digital assets.
Cryptocurrency trader known as Kabo Says Bitcoin (BTC) is seeing a support/resistance pattern flipping, as the previous support drop becomes the next ceiling of resistance.
he is Tells His 392,900 followers on Twitter who repeatedly deceive investors into believing that a short rally means BTC has reached the bottom of the cycle.
“A little bounce with no bullish sign and people are screaming at the bottom. Same story over and over again.”
Trader then Warn From a bull trap while presenting a chart highlighting the difference between a BTC price rally and a sinking interest on an open margin contract. Bull traps are attracting investors to believe that an extended rally has begun, while the price may soon flash negative again.
“Don’t fall into the trap.”
Capo continues his hypothesis in the bull trap by say Bitcoin is only rising because investors are liquidating their altcoin holdings and investing in BTC to eventually sell it for cash.
“Bull trap. Altcoins are moving to BTC for sale later. The bottom is not inside yet. “
“Good morning! Still no reasons to buy yet. Patiently waiting.”
At the time of writing this report, Bitcoin It has recovered well from its weekly low at $17,760 and is now trading at $20,472.
When it comes to the leading smart contract platform Ethereum (ETH), the pseudonym trader Notes His target area of $983 to $1,223 was reached, before planning a new support level below $800.
“The main target has been reached, bounced from there, but no bottom has yet been formed.
Eyes on $700-800 as a new support area, which will complete the fifth wave of the fifth wave.”
Ethereum The week is also starting to rise, as it is currently up 5.41% and trading at $1,116.
Despite BTC and ETH seeing spikes, Capo wraps up his tweet storm with to share His latest predictions are for how low each one will go. A chart expert pegs Bitcoin as sinking to $16,200 and Ethereum to cash in at $750.
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