The pseudonymous analyst who accurately predicted the 2022 crypto market collapse on Monday said he is shorting altcoins, as Bitcoin BTC/USD and Ethereum ETH/USD continue to tumble in response to the Commodity Futures Trading Commission's (CFTC) lawsuit against Binance and its CEO Changepeng Zhao.
What Happened: Capo told his 734,000 Twitter followers that his main short positions are Binance Coin BNB/USD and Tron TRX/USD, as he has mentioned multiple times before.
Main positions are BNB and TRX as said here several times, but I also have some other shorts like AAVE or SOL.
— il Capo Of Crypto (@CryptoCapo_) March 27, 2023
No point on showing screenshots since haters will say they are edited or something, so not wasting my time.
“I also have some other shorts like AAVE AAVE/USD or Solana SOL/USD.
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When a Twitter user ‘Isopink’asked if Capo had been liquidated on the way up, Capo responded, “Your thoughts and the reality are two different things. I've been building swing short positions on altcoins all this time.”
For Binance Coin, Capo suggests traders should consider setting up a swing short position between $250 to $350.
Considering that the potential targets are much lower than the current prices, and that this range is a redistribution schematic within a massive distribution range of more than 2y (above dark support, similar to FTT), building a swing short position between 250-350 is EV+ pic.twitter.com/VRFSw0kGhf
— il Capo Of Crypto (@CryptoCapo_) March 27, 2023
Price Action: At the time of writing, BTC was trading at $26,991, down 2.80% in the last 24 hours, according to Benzinga Pro.
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