Top Analyst Says, Crypto Market is Forming the Largest Bull Trap
The trader who predicted last year’s huge Bitcoin (BTC) crash is warning crypto bulls. That the current rally won’t end well.
The Pseudonymous analyst Capo tells his 710,100 Twitter followers that he doesn’t think that real and organic demand is what makes the crypto markets strong.
“I’ve been checking charts all this time, avoiding noise from Twitter. The way the upward movement is happening, the way high timeframe resistances are being tested… It clearly looks manipulated, no real demand. Once again, the biggest bull trap I’ve ever seen. But they won’t trap me.”
When another trader pointed out that stablecoins were being made as Bitcoin went up from $18,000. Which showed that there was real demand, Capo became even more bearish.
“The longer an artificial pump, the bigger and more aggressive the drop will be.”
Capo said last week that Bitcoin was about to hit a big wall of resistance around $21,000.
“High timeframe.
BTC is still testing major resistance. Weekly close will be key, but there’s no bullish confirmation yet.”
At the time of this writing, Bitcoin is being sold for $22,782, which is well above the key resistance zone for traders.
Another analyst, on the other hand, is bearish on Bitcoin in the short term. Smart Contracter, a fake crypto strategist who correctly predicted BTC’s bottom for 2018, thinks that Bitcoin is due for a pullback after it rose nearly 38% this month.
“I think BTC is due a wave four multi-week pullback. All the subwaves within this wave three look complete so definitely time to starting taking profit.
Looking to load back up in the $21,000 range.”
Elliott Wave theory is used by Smart Contracter. It uses crowd psychology waves to anticipate price changes in advanced technical Analysis. The theory says that during waves one, three, and five, a bullish asset goes up. While waves two and four are when it goes down.
Comments
Post a Comment