Capo of Crypto, a bearish analyst who recently closed short positions in many altcoins, announced his new views with his followers today.
In his statement, the analyst said that it is important to know how losing positions should be closed to prevent further losses. il Capo stated that the AAVE, SOL, CRO and TRX short positions that he closed 2-3 weeks ago gained much more value after his move and that if he had not closed them, he would now be at a big loss.
However, the analyst generally believes that Bitcoin is seeing a local top. According to the analyst, some altcoins may experience a rally at this time. The analyst added that he would not open new positions unless he sees clear confirmation.
In addition, the analyst also talked about BNB in his latest statements. According to the analyst, BNB, which has rebounded from a narrow range, is trading at approximately $ 250, and there is a strong resistance level above this level. il Capo thinks that this level will play an important role in the short term.
According to the analyst, the bear scenario will continue if there is a clear failure to break above this level and the current medium-term bull trend is broken. The analyst thinks that a clear close below $220 will confirm the bearish scenario.
However, the analyst explained that if the resistance level he mentioned turns into a support, the bear scenario will be invalid in the short term and he will close the short position. However, he added that he would later use this to open a new short position.
*This is not investment advice.