A well-known analyst in the cryptocurrency market has warned the markets of the minor pullback. The analyst shared his predictions for the leading crypto Bitcoin (BTC) and the leading altcoin Ethereum (ETH).
“Cryptocurrency market is ready for a small pullback”
The analyst, nicknamed Rekt Capital, who has a large following, tells his 324,200 Twitter followers that the crypto market is ready to see a minor pullback after a rally last week. The analyst notes that Bitcoin (BTC), Ethereum (ETH) and other altcoins will lose some of their gains as they try to break through the resistance levels. In this context, Rekt Capital makes the following statement:
After a strong week last week, the cryptocurrency market is ready for a minor pullback. BTC, ETH, and many altcoins seem to be positioned for healthy dips, which can be seen as a retest of previous resistances to new supports.
Analyst’s Bitcoin Prediction
Rekt Capital says that Bitcoin will have some problems breaking the $21,894 level currently located at the 200-week moving average. The analyst makes the following assessment:
Here it is possible for a rejection to occur, at least towards the blue boxed area. Because the blue box represents a horizontal range where the price has broken out. If BTC drops now, it will retest the top of this range as new support. A successful retest there and BTC will rally again towards the 200-week MA.
Source: Rekt CapitalIn the meantime, as you can follow on Kriptokoin.com, the highly anticipated interest rate decision of the Federal Reserve came in line with the expectations. The post-black cryptocurrency market has started to move in the green zone, led by Bitcoin. Bitcoin rose 8.83% on a daily basis to $22,739 at press time.
Ethereum scenarios by Rekt Capital
The analyst is also looking at the charts of the leading altcoin Ethereum. Rekt Capital says that if ETH can close July above the $1,400 level, it could turn this range into support. He also notes that it will be possible to climb higher. Conversely, he states that in the event of a close below this, a return to the $1,000 area is likely for Ethereum. The analyst expresses his predictions as follows:
If ETH can close monthly above the orange, then there will be a chance to turn this area into support. If ETH monthly closes are below the bottom orange box, we are likely to see a scenario where ETH actually rejects the orange box and returns to the black level price earlier this month.
Source: Rekt CapitalAt press time, Ethereum was trading at $1,594, up 16.50% on a daily basis, according to data from CoinMarketCap. Although the leading altcoin retreated during the day, after the Fed’s interest rate decision, it turned its losses into gains.
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