A well-known cryptocurrency analyst who made a name for himself after predicting Bitcoin’s price drop to $ 4,000 returns with his new analysis. Capo, because he is what we are talking about, analyzes a number of technical indicators to show why he thinks the correction in the cryptocurrency market is over.
Capo: the correction is behind us!
The trader explains that a sharp decline in BTC in the context of fewer futures held by market participants is a positive signal.
– The interest dropped along with the price. This means that long positions have been liquidated or that [inwestorzy] they closed their positions, which is good for the bull market – he said. – The RSI has been reset across all time frames, creating hidden bullish discrepancies in the high time frames.
Looking at altcoins, Capo emphasized that many cryptocurrencies, including Ethereum (ETH), have defended key levels so far.
– ETH and many altcoins have rebounded from the golden zone and also created hidden bullish discrepancies – he translated.
In addition, he added that sentiment in the cryptocurrency market has plunged to levels that have not been seen since Bitcoin began its boom.
– Fear and greed dropped to 40 (fear). We haven’t seen these levels since May or September, when the price was $ 9,000-10,000 – he wrote.
He also claims that a new wave of boom is ahead. While preparing for this, he buys altcoins himself.
– My wallet: 60 percent alts, 30 percent ETH, 10 percent BTC, 0 percent USDT – replaced.
He revealed that he is closely following the movements of Cardano (ADA), Syntropy (NOIA) and Polkadot (DOT).
With the cryptocurrency market already showing signs of a local bottom in his opinion, Capo is now looking forward to a resumption of the boom.
– I didn’t sell anything and collected everything I could on this great occasion. The boom will continue He finished.
– il Capo Of Crypto (@CryptoCapo_) December 16, 2019
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