The week started off with bulls taking over the crypto market as most of the cryptocurrencies were experiencing a bullish momentum. Today, March 30, though Bitcoin and other major altcoins are signaling red, BTC price is still trading above $47,300, Ethereum above $3,400 along with others hinting bull run to be back soon.
Analyst Warns Traders Amidst Bull Run!
Despite this stronghold by bulls, pseudonymous analyst, Capo, took to Twitter to warn his quarter-million followers saying that though Bitcoin has performed impressively over the last week, the flagship currency has not yet consolidated above its crucial resistance levels.
Simultaneously, Capo is pointing towards decreased volume while open interest and funding are rising which demonstrates that the traders are putting excess leverage into the system.
Also Read : Has the Crypto Space Reached the Local Top? Bitcoin(BTC) & Altcoins Primed to Consolidate for a While Here!
The above tweet states that Capo is indicating a bearish pull that is forming in the stock market. As per the pseudonymous analyst, the S&P 500 index is likely on its way. The S&P 500 index is often in connection with crypto markets.
While comparing Shiba Inu’s price rally and the beginning of XRP’s bearish market in 2018, with the above image, Capo asserts that some altcoins are forming price action patterns that look similar to bearish cycles in the past.
Ethereum To See A Downfall Towards $1,300!
Though Ethereum has surpassed the $3,300 level, the well-known analyst, Capo, gave a downward target for Ethereum (ETH). As per Capo, Ethereum’s price will see slipping towards $1,300 or around a 63% plunge from the currency price.
At the time of reporting, Ethereum is trading at $3,403 with a downfall of 0.03% in the last 24hrs and Bitcoin is positioned at $47,339 decreased by 0.38% in the last 24hrs.
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Source: https://coinpedia.org/altcoin/analyst-warns-bitcoin-and-ethereum-hodlers/