The pseudonymous analyst Capo recount its 503,000 Twitter followers that Bitcoin looks poised for a breakout rally now that the king of crypto has cleared diagonal resistance on the lower time frame.
“The main downtrend line is broken. A bullish confirmation for the short compression would be a break of the $20,700-$20,800 resistance. After that, we should see $22,500-$23,000. Invalidation for the short compression idea: break $19,500 and the main confirmation would be a clean break of $19,000.”
As of this writing, Bitcoin is changing hands for $19,815, flat on the day.
Next up is Ethereum, which Capo says currently presents a good opportunity for short-term traders.
“Langued ETH, good [risk/reward] report. Target price: $1,800. »
Looking at Capo’s chart, he expects Ethereum to correct strongly to around $1,300 after hitting his target. At the time of writing, ETH is valued at $1,558, also stable on the day.
The crypto strategist is also keeping tabs on fellow smart contract protocol Cardano. According to Capo, ADA broke through 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 retracement to around $0.30 once his price target is reached.
At the time of writing, Cardano is trading at $0.47, up over 4% on the day.
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
Featured Image: Shutterstock/SimpleB