Source: dailyhodl.com
The crypto analyst who accurately called this year’s crypto market collapse is warning of new price lows for digital assets this month.
The pseudonymous trader known as Crypto Capo tells his 573,000 Twitter followers that several market conditions point to price collapses in November for Bitcoin (BTC), Ethereum (ETH) and other altcoins.
He says the US dollar index (DXY) is flashing bullish and the S&P 500 (SPX) is meeting resistance, both key signals of a crypto bear market. He also claims altcoins have experienced recent artificial price pumps.
“Market update. DXY bullish. SPX at key resistance and showing bearish signs. BTC and ETH forming a top. Most altcoins have had scam pumps (some could still have). Protect your profits. New lows are likely in November.”
Looking at Bitcoin, Capo predicts a flip in the support and resistance price level of $20,000, before dropping to $14,000 this month. He says the decline may come after Bitcoin reaches a high this month of $21,000. At time of writing, Bitcoin is trading hands at $20,425.
“Expecting something like this. Potential last push to $21,000 for a triple top, ending diagonal to trap longs. Bearish confirmation is the break of the wedge and ultimate confirmation a S/R (support/resistance) flip of the $20,000 level. Main target after bearish confirmation: $14,000.”
Capo next predicts ETH will decline to the $700 to $800 price range, dropping from a high of about $1,600. At time of writing, Ethereum is switching hands at $1,577.
Looking at Capo’s Shitcoin Index Perpetual Futures chart, he predicts the index capturing could drop from its current $2,344 index price to about $2,150.
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