Analyst Maps Next Levels For Bitcoin (BTC), Solana(SOL), and Cardano (ADA)
A closely followed crypto analyst and strategist put forth his analysis claiming how the top trading cryptocurrencies could capture their lost momentum.
The analyst who is pseudonymously known as Capo informs his 487,100 admirers on Twitter that while the S&P 500 future market is seeing a positive movement, Bitcoin price might reclaim $23,000.
However, he says that BTC might even form a lower high but once this happens, the firstborn currency will eventually break down.
#SPX futures bouncing from support as expected. Resistance between 4220 and 4280, to form a lower high. Just a matter of time until BTC follows to 23000-23500, also to form a lower high (w2 of w5)Then we should see rejection from there and downtrend continuation. — il Capo Of Crypto (@CryptoCapo_) August 25, 2022
While stressing about Bitcoin’s downward movement, Capo claims that Bitcoin’s crucial resistance at the moment is $23k and $23.5k and each short squeeze at this area is a better sell.
Then he asserts that the actual support lies at $19k which will confirm a bearish momentum for the King currency. The analyst further says that if this happens, the currency will plunge as low as $16,000, which is most likely to happen in the upcoming weeks.
The bearish prediction towards Bitcoin by Capo was made much earlier on March 12th when the currency was selling at $39,000. During the time he had claimed that BTC will see a break starting from $38k, then $35k and $30k.
He had also asserted that once Bitcoin falls below $30k, the currency will slide towards $23k and then trade around the $21,000 level.
At the moment, Bitcoin is valued at $20,243
Next, Capo discusses Cardano (ADA) and quotes that there are high chances that ADA Price will surge from a low of $0.44 to trade between $0.48 and $0.52.
$ADA long idea, good RR. Not financial advice. — il Capo Of Crypto (@CryptoCapo_) August 25, 2022
At the time of reporting, Cardano is trading at $0.43 with a drop of 7.16% in the last 24hrs.
The analyst then concludes his analysis with Solana (SOL), a layer-1 protocol. Capo tries to answer the speculation about ADA’s ability to convert the current resistance as a support area.
Answering the question, he says in order to retrieve its mid-August price crunch, SOL is expected to hit a lower high before forming a bearish movement toward $30.
Same. First up to form a lower high, then down. Example on SOL. — il Capo Of Crypto (@CryptoCapo_) August 25, 2022
In the last 24hrs, SOL has plunged by 9.41% trading at $31.81.Source