A cryptocurrency analyst and strategist presented his analysis claiming how the top trading cryptocurrencies could be catching up on their lost momentum.
bitcoin (btc)
The analyst, pseudonymously known as Capo, informed his 487,100 fans on Twitter that with the S&P 500 seeing positive momentum in the future markets, bitcoin price could reclaim $23,000.
However, he says that BTC could also make a lower high, but once that happens, the first currency will eventually break out.
Emphasizing on the downward movement of bitcoin, Capo claims that the key resistances for bitcoin at the moment are at $23k and $23.5k and that each small squeeze in this area is a better sell.
He then claimed that the actual support lies at $19k, which would confirm the bearish momentum for the Qing currency. The analyst further adds that if this happens, the currency will drop to $16,000, which is most likely to happen in the coming weeks.
The bearish prediction for bitcoin by Capo was made long ago on 12 March when the currency was selling at $39,000. During that time he claimed that BTC would see a breakout starting at $38k, then $35k and $30k.
He also stated that once Bitcoin breaks below $30k, the currency will drop to $23k and then trade towards the $21,000 level.
At the moment, the value of bitcoin is $20,243. Is
Cardano (ADA)
Subsequently, Capo discussed Cardano (ADA) and quoted that the ADA price has a high probability of an increase from the low of $0.44 to trade between $0.48 and $0.52.
At the time of reporting, Cardano was trading at $0.43, down 7.16% over the past 24 hours.
solana
The analyst then concludes his analysis with the layer-1 protocol SOLANA (SOL). Capo tries to respond to speculation about ADA’s ability to convert current resistance into a support area.
Responding to this question, he said that SOL is expected to hit lower highs before making a bearish move towards $30 in mid-August to correct the downside.
Over the past 24 hours, the SOL is down 9.41% to $31.81.