Top Crypto Analyst Explains How Bitcoin (BTC) May Continue to Rise, Breaks Down Three Ethereum (ETH)-Based Altcoins
A widely followed crypto analyst highlights a key price level that crypto king Bitcoin (BTC) needs to break through to continue its upward trajectory.
Pseudonymous crypto trader Rekt Capital says their 335,600 Twitter followers that BTC needs to close the week above $23,744 to continue its uptrend.
“BTC retest in progress now
Ultimately, a weekly close above this key area is what BTC needs to achieve to breach this converging resistance area to continue moving higher.”
With Bitcoin trading at $23,400 at the time of writing, Rect says BTC needs to go a little higher to confirm its uptrend at the 200-week moving average (MA).
“BTC has executed a picture-perfect rejection of the 200-week MA
BTC needs to regain this MA as support to enjoy strong trend continuation.
Next, the analyst looks at the utility token of decentralized finance (DeFi) payment infrastructure platform COTI (COTI). With COTI worth $0.105 at the time of writing, the analyst says suggests the token may continue its uptrend if it ends the week at current levels or higher.
“COTI has rallied +27% and is now positioned for a bullish Weekly Close above the red diagonal resistance.
Weekly Close above red and COTIUSDT must retest it as support to enable further upside.”
Rekt then moves on to another popular Ethereum (ETH)-based token, the decentralized data storage network Arweave (AR), worth $13.58 at the time of writing. The merchant says AR needs to close the week above $13.11 for a bullish confirmation.
“AR is another Altcoin from my Altcoin Watchlist
AR is up +13% since breaking out of the green Bull Flag
AR has a chance to break out of its red wedge
Weekly close above red diagonal resistance would be a good sign.”
Finally, Rekt addresses the ETH-based privacy network DUSK Network (DUSK), worth $0.246 at the time of writing. The analyst says DUSK’s latest drop is a retest of support.
“DUSK / USDT
Now diving towards the red level in an attempt to retest it to new support
Successful retest and DUSK will enjoy another rally
One of Altcoin’s mentions in my Altcoin Watchlist.”
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