Crypto Bear Reveals Biggest Altcoin Short Position As the Markets Take a Breather

MartinBH Angry bearcinematic editorial illustration use a consi 42d531ed 9d33 44cd bb62 0a849b5e8dc8

A widely followed crypto trader is disclosing which altcoin he has the shortest position on as the digital asset markets pause.

Pseudonymous trader and crypto bear Capo tells his 66,325 Telegram subscribers that his biggest short position is with Binance Coin (BNB).

“HTF (high time frame) and LTF (low time frame) charts. Very bearish PA (price action). Expecting bad news soon, it’s just a matter of time. This is my biggest short position.”

Looking at his chart, the trader uses the Elliot Wave theory to indicate BNB has broken out of an upward channel and entered a downward trend.

The trader sets his first BNB price target to the downside at $125, a more than 48% decline from its current value of $241 at time of writing.

Also on Capo’s radar is Ethereum (ETH)-rival Solana (SOL). He says that after Solana couldn’t hold $30 as support SOL is likely heading down to $25.36.

“SOL: Adding more to my mid-term short position [with an entry price of $25.36]. No changes.”

Solana is currently trading for $26.35, up 3.4% during the past 24 hours.

Lastly, Capo says that a Wyckoff distribution schematic is playing out for Bitcoin (BTC) that shows the formation of a sign of weakness (SOW), indicating an imminent break to the downside.

“Playing out so far. SOW + expansion should be next.”

The Wyckoff method is a type of technical analysis that aims to identify whether big-money investors are accumulating or selling an asset. An accumulation pattern highlights a period where institutional investors are controlling an asset’s price in an effort to buy at discounted prices.

Bitcoin is trading for $30,027 at time of writing, down 1.1% during the last seven days.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generate Image: Midjourney

The post Crypto Bear Reveals Biggest Altcoin Short Position As the Markets Take a Breather appeared first on The Daily Hodl.

Steve Beckford

Steve Beckford

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 65,106.44
ethereum
Ethereum (ETH) $ 3,166.44
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 571.46
solana
Solana (SOL) $ 150.67
usd-coin
USDC (USDC) $ 0.999802
staked-ether
Lido Staked Ether (STETH) $ 3,162.33
xrp
XRP (XRP) $ 0.526720
dogecoin
Dogecoin (DOGE) $ 0.162860
the-open-network
Toncoin (TON) $ 6.20
cardano
Cardano (ADA) $ 0.505808
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 38.17
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 65,250.48
bitcoin-cash
Bitcoin Cash (BCH) $ 511.08
polkadot
Polkadot (DOT) $ 7.20
tron
TRON (TRX) $ 0.111036
chainlink
Chainlink (LINK) $ 14.92
internet-computer
Internet Computer (ICP) $ 15.86
matic-network
Polygon (MATIC) $ 0.734314
near
NEAR Protocol (NEAR) $ 6.32
litecoin
Litecoin (LTC) $ 84.88
uniswap
Uniswap (UNI) $ 7.84
leo-token
LEO Token (LEO) $ 5.75
dai
Dai (DAI) $ 1.00
aptos
Aptos (APT) $ 10.10
ethereum-classic
Ethereum Classic (ETC) $ 27.99
blockstack
Stacks (STX) $ 2.79
mantle
Mantle (MNT) $ 1.23
filecoin
Filecoin (FIL) $ 6.64
first-digital-usd
First Digital USD (FDUSD) $ 0.999653
crypto-com-chain
Cronos (CRO) $ 0.131391
render-token
Render (RNDR) $ 9.12
cosmos
Cosmos Hub (ATOM) $ 8.63
stellar
Stellar (XLM) $ 0.115585
okb
OKB (OKB) $ 55.59
arbitrum
Arbitrum (ARB) $ 1.22
immutable-x
Immutable (IMX) $ 2.20
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,197.46
bittensor
Bittensor (TAO) $ 477.28
hedera-hashgraph
Hedera (HBAR) $ 0.088078
dogwifcoin
dogwifhat (WIF) $ 3.09
vechain
VeChain (VET) $ 0.042180
maker
Maker (MKR) $ 3,124.64
kaspa
Kaspa (KAS) $ 0.120950
the-graph
The Graph (GRT) $ 0.289604
injective-protocol
Injective (INJ) $ 29.30
fetch-ai
Fetch.ai (FET) $ 2.52
optimism
Optimism (OP) $ 2.50
pepe
Pepe (PEPE) $ 0.000006