A top cryptocurrency analyst is predicting that altcoins are about to surge based on technical analysis.
The crypto analyst known as Capo tells his 169,000 Twitter followers that based on the 5-wave Elliott Wave indicator, a lot of altcoins have completed the first two waves and are about to begin the third wave which is characterized by a “big pump.”
“Many altcoins are starting the macro w3 (third Elliott Wave of an impulse, which is usually the stronger)
Also, some of them have already done the w1 [Wave one] and w2 [Wave two] of that w3 [Wave 3], so the big pump is coming.”
The Elliott Wave theory states that the first wave is a run up, followed by a correctional second wave that does not rise above Wave 1’s highest point. Wave 3 is typically the biggest and most powerful and rises above the highest point that Wave 1 reached.
Capo says that his bullish thesis is supported by the fact that bearish sentiment is weak across the crypto sector. He offers a Bitcoin (BTC) chart showing support that has held strong for the flagship cryptocurrency, having failed to fall below a key level several times.
“Mid-term bearish structure is already broken. This happened in all coins. They are also bouncing from a strong support.”
The top crypto analyst also says that heatmaps from the Bitfinex and Binance crypto exchanges demonstrate strong buying pressure at key Bitcoin support levels.
“Heatmaps are showing strong demand here, especially Bitfinex and Binance.”
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