The king of cryptocurrencies is about to experience its highest level of breakout ever, says a closely followed analyst who correctly called the current Bitcoin (BTC) correction.
The analyst with the pseudonym Rekt Capital tells his 440,100 followers on social media platform
According to the analyst, Bitcoin completed the first step of the breakout by ending the last week of March above the resistance level at $69,000. Rekt Capital says the final step for BTC to close a permanent breakout is to flip the resistance level to support.
“A weekly close above the high range (RH) is the first step.
And if BTC needs to drop at RH to successfully retest it as new support before continuing higher…
“This will be the second step to fully confirm the hack.”
Looking at the trader's chart, it seems to indicate that Bitcoin should not fall below $65,596 on a weekly closing basis to achieve a successful retest.
At the time of writing, Bitcoin is trading at $67,174, down more than 2% in the past day.
The analyst is also closely monitoring three altcoins that are flashing strong uptrend signals including Ethereum (ETH) competitor Solana (SOL). Rekt Capital says Solana appears to be forming a bullish continuation pattern on the weekly chart.
“Solana is showing initial signs of developing a bull flag at these highs (orange), following a successful retest of the low range as new support (blue).”
A bull flag is a technical pattern that indicates that an asset is in a consolidation phase in preparation for the next bullish breakout. At the time of writing, SOL is trading at $190.03.
Next, the trader says top memecoin Dogecoin (DOGE) is now in a position to rally above $0.30 after it crossed two high levels of resistance on the time frame last month.
“Doggie did it.
This is a bullish monthly candle close.”
At the time of writing, DOGE is valued at $0.203.
The last altcoin on the analyst's radar is peer-to-peer payments network native Litecoin (LTC). Rekt Capital says the multi-month downtrend is now over for LTC after the altcoin broke the multi-month diagonal resistance that kept Litecoin bearish for nearly three years.
“Litecoin closed monthly above the downtrend. This has been confirmed.
The overall downtrend has been broken for the first time since April 2021. The overall downtrend has now officially ended.
At the time of writing, LTC is trading at $98.18.
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