A crypto strategist who has caught this year’s crash in the digital asset markets says rallies are in sight for Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA).
The pseudonym analyst Capo tell his 503,000 Twitter followers Bitcoin looks primed for a breakout rally now that the king crypto has taken out a diagonal resistance on the lower time frame.
“Main bearish trendline broken. Bullish confirmation for the short push would be a break of the $20,700-$20,800 resistance. After this we should see $22,500-$23,000. Invalidation for the short push idea: break $19,500 and confirmation would be a clean break of major be $19,000.
At the time of writing, Bitcoin is changing hands for $19,815, simultaneously on the day.
Next up is Ethereum, which Capo says currently offers a good opportunity for short-term traders.
“Demand ETH, okay [risk/reward] relationship. Target price: $1,800.”
Looking at Capo’s chart, he expects Ethereum to correct sharply to around $1,300 after hitting his target. At the time of writing, ETH is valued at $1,558, also flat on the day.
The crypto strategist is also keeping an eye on fellow smart contract protocol Cardano. According to Capo, ADA has broken out of 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 pullback to around $0.30 after his target price is reached.
At the time of writing, Cardano is trading at $0.47, up more than 4% on the day.
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