By The Daily Hodl - 9 months ago - Reading Time: 2 minutes
Crypto Bear Reveals Biggest Altcoin Short Position As the Markets Take a Breather
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.
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Original source: The Daily Hodl