The trader urges not to trust the current rally in the crypto market
A crypto trader with the nickname Capo, who previously predicted a collapse in the crypto market, urges not to trust the current rally
The trader himself has not yet entered the market, as he is sure that sellers retain control over the exchange rate movement of BTC:
"The movement we are observing on bitcoin is trading in a range, but we need to understand whether accumulation or redistribution is taking place.
It should be noted that the range is small and in case of accumulation it should be larger. Financing rates are mostly positive. The amount of open positions is growing at a furious pace and the cumulative volume delta is significantly increasing. Everything speaks in favor of redistribution. Long-term positions are in the same situation that was observed during these months, and the indicators remain bearish"
The trader also noted that if you look closely at the market, you can see a lot of hidden bearish divergences, and this indicates the temporary nature of the current exchange rate growth. Capo calls the current rally a "scam pump" and is convinced that the BTC rate will eventually roll back.
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