Bitcoin Breakout Imminent? Analyst Says Key Price Point Will Be Pivotal, Tracks Path Ahead for Litecoin and Three Ethereum-Based Altcoins
A widely followed crypto analyst says that Bitcoin (BTC) could continue its uptrend as he keeps a close eye on Litecoin (LTC) and three Ethereum-based (ETH) altcoins.
Pseudonymous trader Rekt Capital tells his 334,000 Twitter followers that he expects BTC to continue rising as long its dominance level successfully retests a key level.
“A BTC Dominance monthly close above the range high resistance could set BTCDOM up for retest. Successful retest there and BTC Dominance would revisit the black wedge top for a decision on macro trend.”
However, the trader notes that it’s possible for the king crypto to go the other way if it doesn’t close above its current resistance level.
“To ensure a higher chance of breakout, BTC should ideally monthly close above the blue ~$23400 resistance. Otherwise, BTC could set itself up for a dip inside this ~$20000-$23400 range to consolidate here for a few weeks.”
Bitcoin is trading for $23,123 at time of writing.
Moving on to altcoins, Rekt Capital first brings up the decentralized peer-to-peer network Litecoin, saying that the BTC alternative is currently primed to spark a rally to the upside.
“LTC has broken out from its monthly flag. And with the monthly close just around the corner, it is well-positioned to confirm this breakout.”
The analyst also notes the differences in trader reactions to Litecoin’s current prices.
“It is clear there is a very different reaction to LTC at these prices
In the past, LTC would either fail a post-breakout retest from the green area (pre-2018) or fake-breakout (2020)
But this time, LTC has broken out from a Bull Flag continuation pattern.”
Litecoin is valued at $88.03 at time of writing.
The strategist then brings up oracle providing network Chainlink (LINK), saying that he expects it to rise back toward the $20 level over time.
“LINK is following the blue pathway nicely. LINK has rebounded +13% from the black $6.27 thus far. Could revisit the black range high above over time.”
Chainlink is changing hands for $7.27 at time of writing.
Next up is the data token marketplace Ocean Protocol (OCEAN). The analyst says OCEAN may cease the rally it started in the middle of 2022 if it fails to surpass a key resistance zone.
“OCEAN/BTC continues its rally, getting closer to the confluent resistance that is the year-long black diagonal and blue range high. It’s possible [its] price could reject from there, especially if upside wicks form beyond that area.”
OCEAN is moving for $0.394.
Last up is Coti Network (COTI), the decentralized payments platform behind Cardano’s (ADA) new stablecoin, Djed.
Rekt Capital says the network has just finished retesting a crucial area and is about to see if it can surpass the next.
“COTI breaks beyond the red diagonal resistance, successfully retesting it as support on the 1HR. COTI has since rallied to the range high resistance (orange). Weekly close beyond red diagonal could set COTI up for a retest of it as support in the future.”
COTI is trading for $0.116 at time of writing.
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