Top Crypto Analyst Charts Way Forward for Bitcoin, Ethereum and Litecoin, Urges Caution on Altcoins
A widely followed cryptoanalyst outlines what lies ahead for Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) while warning investors about altcoins.
Pseudonymous crypto trader Rekt Capital says his 334,000 Twitter followers that as long as the royal crypt continues to trade below the $17,400 level, it will be at risk of making new lows.
“BTC’s recent recovery still sees prices trading below the ~$17400 monthly resistance.
As long as $BTC remains below this resistance, there will always be a threat to reject more strongly to the downside continuation and further lows.”
Bitcoin is moving at $16,591 at the time of writing.
Set your sights on the leading smart contract platform, Rekt Capital says that Ethereum may show weakness as selling pressure continues to build.
“ETH has formed consecutive lower highs over the past three months.
This shows increasing selling pressure at lower and lower levels. ETH has also repeated almost the entire move that began in July. Could be a sign of a weakening of ~$1100 support.”
Ethereum is changing hands for $1,021 at the time of writing.
Moving on to BTC Alternative Litecoin, the analyst notes that if LTC wants to continue its rally, it must close the month of November above the $67 price tag.
“LTC upside weeks have gone up as high as the $85-$98 region (blue) before finally turning down there. The price needs to close monthly and hold above $67 to increase next month.”
LTC is currently valued at $77.84.
Finally Rekt Capital problems a warning to traders, saying he would be cautious about investing in altcoins until they regain the levels they recently turned from support to resistance.
“Many Altcoins look to potentially turn old broken supports into new opponents. Until altcoins are able to regain these recently lost levels, it is better to be cautious.”
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Featured image: Shutterstock/TadashiArt
