The crypto market today has turned slightly bullish after a sluggish movement for the last two days. Bitcoin is making an attempt to move towards the $40000 psychological level. ETH too is recovering losses trading at 39,192. Most other alts follow the same trend.
Bitcoin (BTC) and the smart contract platform Fantom(FTM) according to a well-known crypto analyst and trader, face serious negative risks.
Starting with Bitcoin, Capo, a pseudonymous cryptocurrency expert, assures his Twitter followers that the flagship digital asset’s negative structure remains intact, despite Bitcoin briefly rising beyond the $40,000 barrier.
BTC despite the price increase above $40,000, it remains between $33,000 and $45,000. The bearish structure is still intact. He quotes the resistance levels as $45,000 – $46,000 and the main target at $21,000 – $23,000.
When measured from the 2018 bear market low to the 2021 bull market top, Capo’s downside goal of about $23,000 for Bitcoin corresponds to the 38.20 percent Fibonacci level.
“Here wave C is 1:1 of wave A, matching with the 38.20% retracement of the move from 2018 low ($3,200) to 2021 top ($69,000).”
At the time of writing, BTC is trading at $39,192 up by 0.2% in the last 24 hours.
The resistance on the upside is at $39500 and the support is at $39000.
Fantom, a scalable blockchain with smart contracts, is next. As long as the cryptocurrency asset trades below $2, Capo sees a gloomy situation for FTM in the next few months.
He revises his targets and sets the final target at $0.60 and is expecting bounce from there. And the second Target at $0.20, only if it can’t reclaim the $2 level.
At the time of writing, FTM is trading at $1.20 up down by 3.5% in the last 24 hours. The resistance on the upside is at $1.25 and the support is at $1