A popular crypto analyst is predicting the next development of the BTC and crypto markets.
Pustrated cryptocurrency trader Capo detailed his 676,000 Twitter followers about what might happen in the cryptocurrency market in the higher and lower time frames.
The higher time range includes an hour to day chart, while the lower time range includes a minute to 15 minutes chart. Looking at BTC’s chart, Capo says he expects long trap in the lower time frame, with lower lows and lower highs in the higher time frame.
He noted that he expects the King cryptocurrency to form a local bottom in the price range of $12,000 to $14,000.
"Bitcoin. Higher time frame: Lower lows and lower highs after breaking through the monthly redistribution range. Below June lows and [the] supply zone. Lower time frame: Weak trend caused by short squeeze (long trap). Volume demise. $12,000-14,000 remains the main target for local bottom formation."
Another well-known cryptocurrency strategist, Michael van de Poppe, also predicted that King cryptocurrency will face resistance in the near future and said he believes that BTC must remain at $16,250 to $16,400 to flourish.
"Bitcoin [is] still faces key resistance, it cannot be cracked yet. A slight integration appears. Another test is $16,900 and is likely to accelerate, all stop loss will be taken.
target at the time was $18,4000.
must hold; $16,250-16,400."
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