Markets Take a Pause: Crypto Bear Unleashes Largest Altcoin Short

As the markets for digital assets stop, a well-known crypto trader reveals which altcoin he holds a minor investment in.

Unknown trader and crypto bear Capo informed his 66,325 Telegram supporters that Binance Coin (BNB) is his most prominent short position.

According to the news charts with a high and low time frame. Price action is harmful. The bad news is imminent; it’s only a matter of time. And his most significant short position is right now.

The trader determines from his chart that BNB has broken out of an ascending channel and entered a downward trend using the Elliot Wave approach.

At the time of writing, The trader’s first BNB price target is $125, representing a drop of more than 48% from the stock’s current price of $241.

Solana (SOL), a competitor of Ethereum (ETH), is also on Capo’s radar. He claims that Solana’s inability to maintain $30 as support has caused SOL to decline to $25.36 likely.

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

Solana’s price is currently $26.35, up 3.4% over the previous day.

According to Capo, The emergence of a sign of weakness (SOW) in a Wyckoff distribution schematic for Bitcoin (BTC) shows an upcoming break to the downside.

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

Technical analysis techniques like the Wyckoff method are used to decide whether or not wealthy investors are buying or selling a particular asset. The period during which institutional investors impact an asset’s price in an attempt to purchase at a discount is highlighted by an expansion way.

At the time of writing, the price of one bitcoin is $30,027, a decrease of 1.1% over the previous seven days.