A popular crypto strategist who has accurately sounded the alarm on crashing crypto prices this year is now updating his forecast for the top two digital assets.
The pseudonymous crypto trader known as Capo says that Bitcoin (BTC) has been experiencing a pattern of support/resistance flips, where the previous support low becomes the next ceiling of resistance.
He tells his 392,900 Twitter followers that investors repeatedly fool themselves into believing that a brief relief rally means that BTC has reached a cycle bottom.
“Small bounce without any bullish sign and people screaming bottom. Same story over and over.”
The trader next warns of a bull trap while providing a chart that highlights the divergence between a rising BTC price and sinking open margin contract interest.