A crypto strategist who nailed this year’s crash in digital asset markets says rallies are in sight for Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA).
The pseudonymous analyst Capo recount its 503,000 Twitter followers that Bitcoin looks poised for a breakout rally now that the king of crypto has cleared diagonal resistance on the lower time frame.
“The main downtrend line is broken. A bullish confirmation for the short compression would be a break of the $20,700-$20,800 resistance. After that, we should see $22,500-$23,000. Invalidation for the short compression idea: break $19,500 and the main confirmation would be a clean break of $19,000.”
As of this writing, Bitcoin is changing hands for $19,815, flat on the day.
Next up is Ethereum, which Capo says currently presents a good opportunity for short-term traders.
“Langued ETH, good [risk/reward] report. Target price: $1,800. »
Looking at Capo’s chart, he expects Ethereum to correct strongly to around $1,300 after hitting his target. At the time of writing, ETH is valued at $1,558, also stable on the day.
The crypto strategist is also keeping tabs on fellow smart contract protocol Cardano. According to Capo, ADA broke through its diagonal resistance and now appears to be on its way to its target at $0.52.
“Play well. Stop loss moved to breakeven point.
Although Capo is short-term bullish on Cardano, his chart shows that he expects ADA to see a deep retracement to around $0.30 once his price target is reached.
At the time of writing, Cardano is trading at $0.47, up over 4% on the day.
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