Analyst Capo predicts that altcoins will rise based on technical analysis, specifically the 5-wave Elliott wave indicator. He said many altcoins had completed the first two waves and were about to start a third, which is characterized by a “big pump”.

“Many altcoins start w3 huge (third Elliott wave of an impulse, usually stronger).

There are also some altcoins that have already passed through wave 1 and wave 2 of this wave 3, so the big pump comes. “

According to Elliott wave theory, the first wave is a rally followed by a correction and does not rise above the peak of wave 1. Wave 3 is usually the largest and strongest and rises above the peak.

Capo says his bullish thesis is supported by the fact that bearish sentiment in the crypto sector is weak. He offers a Bitcoin chart showing that support for the top cryptocurrency has remained strong as it has not fallen below a key level several times.

“The medium-term bearish structure has been broken. This has happened with all coins and also rebounds from strong support. “

The source: Capo / Twitter

The analyst also says that heatmaps of the Bitfinex and Binance exchanges are showing strong buying pressure on key Bitcoin support levels.

The source: Capo / Twitter

Source: Capo / Twitter

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