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- According to Capo, the charts and how Bitcoin(BTC) behaves tell us that sellers remain in control.
- According to the statement given by the pseudonymous trader, this is redistribution.
- Capo called the crypto jump, which has been noticed recently, a ‘scam pump’.
Capo’s Statement Regarding Bitcoin
A famous crypto analyst and a pseudonymous trader, Capo, tells everyone that he is completely out of crypto. Capo has a Twitter following of 449,400. According to Capo, the charts and how Bitcoin(BTC) behaves tell us that sellers remain in control. He said: “What we have here for BTC is a range. Now the key is knowing if it’s accumulation or redistribution.”
The range we are talking about, compared with other ones, is small. Other than that, the accumulations are pretty big. Funding is pretty affirmative.
“Open interest is building up like crazy (positions opening) and cumulative volume delta increasing significantly, which means that the longs are aping very aggressively.”
Visible Bearish Divergences
According to the statement given by the pseudonymous trader, this is redistribution. This means that the longs have been trapped in the same ecosystem and the setup we witnessed since long ago. Meanwhile, the indicators are pretty bearish. As of this writing, BTC is trading at $22,101. Remember those days when Bitcoin was at its highest point? The all-time high of the currency, which was in November, reached $69,000. Since then, the price has fallen 68%. Bitcoin has risen around 7% in one day and around 11% this week.
Capo also stated that if we look from a broader perspective, a lot of hidden bearish divergences will become visible. That clearly states that the recent surge seen in the crypto markets has a high probability of being temporary. Capo called the crypto jump, which has been noticed recently, a ‘scam pump’. This shows his conviction in his belief that the Bitcoin market will eventually fall back down.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
