A top crypto trader is updating his outlook on leading digital asset Bitcoin (BTC), top altcoin Ethereum (ETH) and popular meme token Dogecoin (DOGE) as crypto markets flash signs of weakness.
The pseudonymous crypto strategist Rekt Capital tells his 295,000 Twitter followers that Bitcoin must recover a crucial price area before the week comes to a close in order to sustain its bullish momentum.
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“Weekly candle close above ~$43,100 and BTC could see further upside into the high $50,000s.”
According to Rekt, Bitcoin has broken out of a large reversal pattern on the weekly timeframe and is now retesting its previous resistance into support.
“BTC has broken out from its ascending triangle.
Now BTC is in the process of retesting the ascending triangle top as new support in an effort to fully confirm the breakout.
Retest is in progress.”
Bitcoin is trading for $42,519 at time of writing, a 2.5% decrease on the day.
Moving on to leading smart contract platform Ethereum (ETH), the trader says that the top altcoin may retest the $3,000 area after failing to bust through its monthly resistance level of $3,440.
“ETH has rejected from the blue $3,440 Monthly resistance.
Therefore a revisit of ~$3,000 (black) is now a possibility.
It’s worth repeating that when black gets retested on a dip – wicks occur.
So if ETH dips to black, it could wick into the green higher low.”
Lastly, Rekt Capital brings up Dogecoin and says that the dog-themed digital asset could rally to nearly $0.28.
“DOGE is still in the process of reclaiming the $0.14 range low as support (green).
That said, reclaim [that range] as support, and DOGE will have confirmed a return to this +44%-wide range.”
DOGE is exchanging hands at $0.142 at time of writing while Ethereum is trading for $3,210.
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