A crypto strategist who nailed this year’s slump in digital asset markets says hikes are in sight for Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA).
The pseudonymous chief analyst tells its 503,000 Twitter followers that Bitcoin looks poised for a breakout rally now that the crypto king has eliminated diagonal resistance over the lower timeframe.
“The main bearish trend line is broken. The bullish confirmation for the short squeeze would be a break of the $ 20,700- $ 20,800 resistance. After this, we should see $ 22,500- $ 23,000. Invalidation for the short squeeze idea: break $ 19,500 and the main confirmation would be a net break of $ 19,000. “
At the time of writing, Bitcoin is trading at $ 19,815, flat from the day.
Next up is Ethereum, which according to Chief is currently presenting a good opportunity for short-term traders.
“ETH desired, good [risk/reward] report. Target price: $ 1,800 “.
Looking at Capo’s chart, Ethereum is expected to sharply correct to around $ 1,300 after reaching its target. At the time of writing, ETH is valued at $ 1,558, which is also flat on the day.
The crypto-strategist is also keeping an eye on smart contract protocol colleague Cardano. According to Chief, ADA has broken through its diagonal resistance and now appears to be on course towards its target of $ 0.52.
“Play well. The stop loss has moved to breakeven “.
Although Capo is short-term bullish on Cardano, his chart shows that he expects ADA to see a deep retracement to around $ 0.30 after reaching its target price.
At the time of writing, Cardano is trading at $ 0.47, up more than 4% over the day.
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