Crypto Analyst Issues Bitcoin, Ethereum and Altcoin Warning After BTC’s $21,000 Explosion

A well-liked dealer recognized for staying steadily bearish all through 2022 says the newest rallies imply nothing and one other leg down is imminent.

Pseudonymous dealer Capo tells his 703,000 Twitter followers that his bearish outlook hasn’t been invalidated by the market’s massive bounce, which has seen Bitcoin (BTC) rally 21%, Ethereum (ETH) 23% and lots of altcoins explode 30% or extra previously seven days.

In response to Capo, BTC remains to be unsuccessful in breaking its most crucial resistance across the $21,000 to $22,000 space.

Market is bouncing greater than anticipated. That could be a certainty. Now… is the bearish state of affairs invalidated?

I’m going to elucidate why I believe new lows are nonetheless possible…

BTC remains to be testing main resistance. Weekly shut will likely be key, however there’s no bullish affirmation but.”

Supply: Capo/Twitter

Capo says that comparable resistance is current within the charts of Ethereum, the whole crypto market cap (TOTAL) and the whole altcoin market cap (OTHERS). He doubles down on bearish worth targets for all devices, together with $600 for ETH.

“That is additionally clear on ETH, TOTAL and OTHERS.”

Supply: Capo/Twitter
Supply: Capo/Twitter
Supply: Capo/Twitter

The buying and selling veteran additionally sees weak spot within the inventory market, which has largely held a directional correlation with cryptocurrencies over the previous a number of years. He says that the S&P 500 is forming repetitive decrease highs and predicts that this quarter’s incomes season doesn’t prove so effectively for many massive firms listed within the index.

“Conventional markets downtrend is undamaged too. SPX retains forming decrease highs on a regular basis and incomes session is predicted to be unhealthy.”

Supply: Capo/Twitter

Capo’s chart suggests a few 22% drop within the S&P 500, which closed on Friday at 3,999 factors.

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Featured Picture: Shutterstock/happyframe/Sol Invictus

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