A popular crypto strategist predicts that Bitcoin (BTC) will bounce significantly in 2020 before hitting the last lows seen in 2020. Here are the details…
Cryptocurrency analyst Capo shared his expectations for Bitcoin
The fake crypto analyst and trader Capo told his 506,100 Twitter followers that the head-and-shoulder trend reversal is possible, with Bitcoin recovering by about 24 percent from the current support area. The analyst used the following statements:
BTC First of all, the price is currently sitting above the major daily support (low range, $18,500 – $19,000). This is where the last bear market rally started, indicating strong demand here. A jump from here into the supply zone ($22,500 – $23,000) would make a perfect Head and Shoulders pattern.
According to Capo, Bitcoin’s support area around $18,500 is likely to withstand downward pressure as volume and momentum weaken. “Volume and momentum are dying. There is not enough momentum to break the support,” he says. The widely-followed crypto trader and analyst says that the short-term bullish thesis will be confirmed when Bitcoin rises above $19,200 and will be invalidated when the flagship crypto asset falls below $18,500. The analyst uses the following statements:
The first confirmation for this short-term bullish scenario would be a clean break at $19,200 and the second confirmation would be a retracement at $19,600. Invalidity: Consolidation below $18,500.
Analyst knew some levels before
Capo previously said that after reaching the short-term bullish target of $23,000, Bitcoin could return to a 22-month low of $16,000.
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