Bitcoin Breakout Imminent? Analyst Says Key Price Point Will Be Pivotal, Tracks Path Ahead for Litecoin and Three Ethereum-Based Altcoins

A extensively adopted crypto analyst says that Bitcoin (BTC) may proceed its uptrend as he retains a detailed eye on Litecoin (LTC) and three Ethereum-based (ETH) altcoins.

Pseudonymous dealer Rekt Capital tells his 334,000 Twitter followers that he expects BTC to proceed rising as lengthy its dominance degree efficiently retests a key degree.

“A BTC Dominance month-to-month shut above the vary excessive resistance may set BTCDOM up for retest. Profitable retest there and BTC Dominance would revisit the black wedge high for a choice on macro development.”

Supply: Rekt Capital/Twitter

Nevertheless, the dealer notes that it’s attainable for the king crypto to go the opposite method if it doesn’t shut above its present resistance degree.

“To make sure the next probability of breakout, BTC ought to ideally month-to-month shut above the blue ~$23400 resistance. In any other case, BTC may set itself up for a dip inside this ~$20000-$23400 vary to consolidate right here for a couple of weeks.”

Supply: Rekt Capital/Twitter

Bitcoin is buying and selling for $23,123 at time of writing.

Shifting on to altcoins, Rekt Capital first brings up the decentralized peer-to-peer community Litecoin, saying that the BTC various is at the moment primed to spark a rally to the upside.

“LTC has damaged out from its month-to-month flag. And with the month-to-month shut simply across the nook, it’s well-positioned to substantiate this breakout.” 

Supply: Rekt Capital/Twitter

The analyst additionally notes the variations in dealer reactions to Litecoin’s present costs.

“It’s clear there’s a very completely different response to LTC at these costs

Previously, LTC would both fail a post-breakout retest from the inexperienced space (pre-2018) or fake-breakout (2020)

However this time, LTC has damaged out from a Bull Flag continuation sample.”

Supply: Rekt Capital/Twitter

Litecoin is valued at $88.03 at time of writing.

The strategist then brings up oracle offering community Chainlink (LINK), saying that he expects it to rise again towards the $20 degree over time.

“LINK is following the blue pathway properly. LINK has rebounded +13% from the black $6.27 so far. Might revisit the black vary excessive above over time.”

Supply: Rekt Capital/Twitter

Chainlink is altering palms for $7.27 at time of writing.

Subsequent up is the information token market Ocean Protocol (OCEAN). The analyst says OCEAN might stop the rally it began in the course of 2022 if it fails to surpass a key resistance zone.

“OCEAN/BTC continues its rally, getting nearer to the confluent resistance that’s the year-long black diagonal and blue vary excessive. It’s attainable [its] worth may reject from there, particularly if upside wicks type past that space.” 

Supply: Rekt Capital/Twitter

OCEAN is transferring for $0.394.

Final up is Coti Community (COTI), the decentralized funds platform behind Cardano’s (ADA) new stablecoin, Djed.

Rekt Capital says the community has simply completed retesting an important space and is about to see if it will possibly surpass the following.

“COTI breaks past the pink diagonal resistance, efficiently retesting it as assist on the 1HR. COTI has since rallied to the vary excessive resistance (orange). Weekly shut past pink diagonal may set COTI up for a retest of it as assist sooner or later.”

Supply: Rekt Capital/Twitter

COTI is buying and selling for $0.116 at time of writing.

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