Cryptocurrency Il Capo of Crypto, one of the most famous analysts in the world, Bitcoin (BTC) He shared his latest update about it.
He showed two charts in his analysis: a high time frame (htf) and a lower time frame (ltf). On the htf chart, he pointed out how BTC was rejected from the $28,000-30,000 region several times, with a slight divergence above it.
He stated that his main target for BTC is 12 thousand and that possible candle wicks can go down to 11 thousand. He explained that this level will bring $10,000 to the fore, which is the level most people would expect if BTC were subject to a capitulation event.
In his Ltf chart, he argued how BTC broke the uptrend from the local December low and now forms a new downtrend consisting of lower highs and lower lows.
He said a clean break below $25,000 would be a bearish confirmation and a recovery of $30,000-31,000 could mean a continuation of the uptrend. However, he added that this bullish scenario is unlikely to materialise.
Analyst next to BTC altcoins He also commented on He said that altcoins are showing a lot of weakness and this adds an overlap to BTC’s bearish scenario.
He claimed that altcoins would drop much more during the capitulation event because their charts against BTC looked very weak.
*Not investment advice.
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