A top crypto trader updates his view on leading digital asset Bitcoin (BTC), top altcoin Ethereum (ETH) and popular meme token Dogecoin (DOGE) as cryptocurrency markets show signs of weakness. Here are the details…
Rekt Capital: Bitcoin needs to close the week at these levels
Analyst Rekt Capital tells 295,000 Twitter followers important if Bitcoin closes above around $43,100 before the week closes to maintain the bullish momentum he says he needs to save a price area, namely $50,000. Also, BTC, which was trading at $42,813 at the time of writing, broke out of a major reversal pattern on the weekly timeframe and is now retesting its previous resistance for support. The analyst uses the following statements:
If the weekly candle closes above around $43,100, BTC could rise further above $50,000. BTC broke out of the ascending triangle. Now BTC is in the process of retesting the ascending triangle top as new support in an attempt to fully confirm the breakout. It is being retested.
What are the Ethereum comments?
As for Ethereum (ETH), which changed hands at $3,253 at the time of writing, the trader says that the top altcoin may retest the $3,000 area after failing to break the $3,440 monthly resistance level, using the following expressions:
ETH rejected the $3,440 Monthly resistance in blue. Therefore, a revisit of around $3,000 (black) is now a possibility. It is worth repeating that wicks are formed when retested in diving into the black zone. Therefore, if ETH turns black, it may enter the green at the higher bottom.
Rekt Capital: Dogecoin could rise to $0.28
Finally, Rekt Capital brings up Dogecoin, which changed hands at $0.1487 at the time of writing, and the dog-themed cryptocurrency is about to rise. He says it could rise to $0.28. The analyst uses the following statements:
DOGE is still in the process of retracing the low $0.14 range as support (green). However, if he retakes [that range] as support, DOGE will have approved a return to this 44 percent wide range.
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