Top Crypto Analyst Sees Volatility in Store for Bitcoin, Zooms Out on One Popular Ethereum-Based DEX Token

A broadly adopted crypto dealer says Bitcoin’s (BTC) present worth of $23,571 affords potential promise for the longer term.

Pseudonymous crypto analyst Rekt Capital tells their 334,500 Twitter followers that BTC’s weekly shut over $23,400 is a promising signal for the king crypto.

“BTC has managed Weekly Shut above ~$23,400 which affords potential promise

For an opportunity at upside, it’s essential that BTC holds $23,400 as help

As a result of in August 2022, BTC failed its retest and dropped again into the blue-blue vary

Key retest is in progress.”

Supply: Rekt Capital/Twitter

The dealer sees another encouraging signal from the main crypto by market cap. In response to the analyst, a brand new decrease excessive has developed on the buying and selling charts.

“A brand new BTC Decrease Excessive has developed

BTC is struggling to press previous it in the interim

On the similar time, BTC nonetheless holding the Month-to-month ~$23,400 stage as help (blue)

These two ranges are inflicting worth compression so a risky transfer ought to happen quickly.”

Supply: Rekt Capital/Twitter

Rekt Capital additionally dives right into a prime Ethereum (ETH)-based decentralized change (DEX) token, Sushi (SUSHI). The dealer says SUSHI has reached a brand new resistance stage as a consequence of its most up-to-date rally.

“SUSHI / USDT – sushi sushiswap 

Inexperienced pathway full 

SUSHI has lastly reached the orange Vary Excessive resistance.”

Supply: Rekt Capital/Twitter

Going deeper into the chart whereas zooming out to re-focus on the larger image, the dealer reminds their followers that whereas Sushi has lately made a 55% bounce, the DEX token is down 96% from all-time highs.

“Lastly reached the highest of the orange-orange vary

That’s a +55% transfer

Nevertheless, it’s necessary to remember the macro view

SUSHI retraced -96% & when it breaks the Vary Excessive, it will possible enter a brand new macro uptrend.”

Supply: Rekt Capital/Twitter

SUSHI is price $1.58 at time of writing, up 7.83% over the past 24 hours.

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