A widely followed crypto analyst says that Bitcoin (BTC) could continue its bullish trend while closely following Litecoin (LTC) and three Ethereum (ETH)-based altcoins.
Pseudonymous trader Rekt Capital He says his 334,000 Twitter followers that he expects BTC to continue rising as long as his dominance level successfully retests a key level.
“A BTC Dominance monthly close above the high resistance range could set BTCDOM up for a retest. A successful retest there and BTC Dominance would revisit the top of the black wedge for a macrotrend decision.”
Source: Rekt Capital/Twitter
However, the merchant notes that the king of cryptocurrencies is likely to go the other way if it does not close above its current resistance level.
“To ensure a higher probability of breakout, BTC should ideally close monthly above the ~$23400 blue resistance. Otherwise, BTC could prepare for a drop within this ~$20000-$23400 range to consolidate here for a few weeks “.
Bitcoin is trading at $23,123 at the time of writing.
Moving on to altcoins, Rekt Capital first mentions the decentralized peer-to-peer network Litecoin, saying that the BTC alternative is currently prepared to trigger an upward rally.
“LTC has come out of its monthly banner. And with the monthly close just around the corner, he is well positioned to confirm this breakout.”
The analyst also notes differences in trader reactions to current Litecoin prices.
“It is clear that there is a very different reaction to LTC at these prices.
In the past, LTC would fail a post-breakout retest from the green area (pre-2018) or a false breakout (2020).
But this time, LTC has broken out of a Bull Flag continuation pattern.
Litecoin is worth $88.03 at the time of writing.
The strategist then mentions the Chainlink (LINK) network that provides the oracle and says that he wait for it to rally back towards the $20 level over time.
“LINK is following the blue path very well. LINK has bounced +13% from black $6.27 so far. I might revisit the black rank high in time.”
Chainlink is changing hands for $7.27 at the time of writing.
The next step is the Ocean Protocol (OCEAN) data token market. the analyst He says OCEAN may halt the rally that began in mid-2022 if it fails to break through a key resistance zone.
“OCEAN/BTC continues its rally, approaching the confluent resistance that is the one-year black diagonal and the blue range high. it’s possible [its] the price could turn down from there, especially if bullish wicks form beyond that area.”
OCEAN moves to $0.394.
The latest is Coti Network (COTI), the decentralized payments platform behind Cardano’s new stablecoin (ADA), Djed.
Rekt Capital says the network has just ended re-examine one crucial area and you’re about to see if you can top the next one.
“COTI breaks past the red diagonal resistance, successfully retesting it as support at the 1HR. Since then, COTI has moved up to the high strength (orange) range. A weekly close beyond the red slash could set COTI up for a retest of support going forward.”
COTI is trading at $0.116 at the time of writing.
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source: dailyhodl.com
