Cryptographic analyst with a history of calling Bitcoin (BTC) Retracement has been emphasized after the recent backlash of major digital assets.
Pseudonym Trader Capo To tell His 455,600 Twitter followers believe he remains bearish and most people are “not ready for what’s to come, and that’s what it shows.”
Capo digs into the chart Offer A more detailed analysis of where he thinks Bitcoin is heading. Capo says BTC’s short-term pricing behavior looks bullish, but believes traders need to zoom out.
“The low time frame trend is bullish, there is no doubt about it. The high time frame trend is still bearish, which is another low high.
Bearish confirmation for low timeframes is less than $ 22,000. The main goal remains at $ 15,800 to $ 16,200. “
Analyst Conclusion By plotting five Elliott wave indicators dating back to the beginning of the year. He says the metric suggests that the last leg will come between now and September.
“This rise shows all the characteristics of Wave 4. Corrective movements that form a hidden bearish divergence.
There is no fifth wave. “
Elliott Wave Theory is a technical analysis approach that seeks to predict future price behavior by following crowd psychology, which tends to manifest itself in waves. According to theory, assets go through a cycle of five waves before a major market reversal.
Bitcoin has risen 2.82% in the last 24 hours, trading at $ 23,206 at the time of writing and continues to perform well every week.
BTC has a $ 20,000 support line since July 13th.
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Featured images: Shutterstock / PHOTOCREO Michal Bednarek / Nikelser Kate
