pseudonymous analyst capo To tell His 503,000 Twitter followers make it look like Bitcoin is primed for a breakout rally now that the cryptocurrency mogul has gained diagonal resistance on the lower timeframe.
“The main bearish trendline has broken. Bullish confirmation on the short squeeze will break the resistance at $20,700 to $20,800. Fulfillment: Breaks $19,500, with the main confirmation being a complete collapse of $19,000.”
As of this writing, Bitcoin is trading at $19,815, flat for the day.
Ethereum is next, which Capo said currently offers good opportunities for short-term traders.
“Coveted ETH, good [risk/reward] ratio. Target price: $1,800. “
Looking at Capo’s chart, he expects Ethereum to correct sharply to around $1,300 after hitting its target. At the time of writing, ETH is worth $1,558, which is flat on the day.
Crypto strategists are also eyeing fellow smart contract protocol Cardano. According to Capo, ADA has broken out of the diagonal resistance and is heading towards our target of $0.52.
“I’m playing good. Stop loss has moved to breakeven.”
Capo is bullish on Cardano in the short term, but his chart shows that he expects the ADA to retrace significantly to around $0.30 after reaching its target price.
At the time of writing, Cardano is trading at $0.47, up over 4% for the day.
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