A intently tracked crypto strategist and dealer is warning Bitcoin traders that an imminent and sharp downturn for BTC is on the horizon.
Fashionable crypto analyst Capo tells his 260,200 Twitter followers that Bitcoin’s present market construction on the four-hour chart resembles its worth motion throughout the March 2020 pandemic-induced crash.
“Extra similitudes.”
The crypto strategist additionally highlights that Bitcoin has been counting on its diagonal help that has stored BTC above $30,000 to date this 12 months. Nonetheless, he predicts that BTC will violate the uptrend line and proper all the way in which all the way down to $21,000.
Capo additionally says he’s intently watching BTC’s order books on varied digital asset exchanges to trace the demand and provide for the main crypto asset. In line with Capo, large purchase orders have been pulled out of Deribit, rising the chance of a correction.
“Deribit pulled all of the bids that have been between $29k and $34k, holding the worth inside the vary. Sub $30k is extra seemingly now.”
He provides that it’s the identical case on Bitfinex.
“Bitfinex simply did the identical. The block of bids between $36,600 and $37,800 is gone.”
Taking a look at crypto derivatives alternate FTX, Capo says that he’s seeing indicators pointing to a rise within the sell-side strain of BTC.
“Additionally, exchanges like FTX are including loads of provide, pushing the worth down. Promoting strain is excessive.”
At time of writing, Bitcoin is exchanging palms for $38,974, down 1.46% within the final 24 hours.
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