A crypto analyst with a history of calling Bitcoin (BTC) retracements is weighing in after the leading digital asset’s recent rally.
The pseudonymous trader Capo tells his 455,600 Twitter followers that he remains bearish and believes most people are “not prepared for what is coming and it shows.”
Capo digs into the charts to provide a more detailed analysis of where he thinks Bitcoin is headed. Although Capo says BTC’s short-term price action looks bullish, he believes traders should zoom out.
“Low timeframe trend is bullish, no doubt about it. High timeframe trend is still bearish and this is another lower high.
Low timeframe bearish confirmation is below $22,000. Main target remains $15,800-$16,200.”
The analyst concludes by plotting out five Elliot Wave indicators dating back to the beginning of the year. He says the metric suggests that one last leg lower is coming between now and September.
“This move up is showing all the characteristics of a wave 4. Corrective move forming...
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