Bitcoin Poised for Breakout According to Rekt Capital
Renowned crypto analyst Rekt Capital suggests that Bitcoin (BTC) is teetering on the edge of a breakout, as per classic technical analysis indicators.
The analyst, who shares insights with over 543,000 followers on X, highlights that BTC is currently in the process of confirming a breakout after successfully closing above a downward resistance line.
Expressing his views, the trader states,
“Bitcoin is on the cusp of a breakout. Mere hours away from performing the initial but crucial steps towards fully confirming a breakout beyond the multi-month Downtrend. And when BTC breaks a technical downtrend… BTC enters a new technical uptrend.”
On a broader scale, Rekt Capital notes that BTC needs to surpass a crucial exponential moving average (EMA) on the weekly chart to enhance its chances of a sustained rally.
“Bitcoin is slowly approaching the 21-week EMA resistance (green). Price will need a Weekly Close above ~$86,900 Sunday/Monday midnight UTC to position itself for a breakout from the triangular pattern formed by these two Bull Market EMAs.”
As of the latest update, Bitcoin is exchanging hands at $84,463.
Ethereum’s Price Range Crucial for Rally, Says Rekt Capital
Turning attention to Ethereum (ETH), the second-largest cryptocurrency by market capitalization, Rekt Capital emphasizes the importance of ETH maintaining its current price range to potentially trigger a rally similar to that of 2023.
“After losing its black-black Macro Range ($2,196-$3,900), Ethereum dropped right into the historical demand area below (light blue). Since then, Ethereum upside wicked into the top of the light blue box, turning the top of the box into new resistance, like in 2023 (red circle). More, ETH recently downside wicked below this box, potentially holding the bottom of the box as support. ETH needs to hold the bottom of the light blue historical demand area if it wants to position itself for a repeat of mid-2023 history (green circle).”
At present, ETH is priced at $1,595.
Stay updated with the latest news on X, Facebook, and Telegram
Don’t miss out on important updates – Subscribe to receive email alerts directly to your inbox
Check out the latest price movements
Explore The Daily Hodl Mix for a diverse range of content
Image Credits: Midjourney