A widely followed crypto analyst is highlighting a key price level king crypto Bitcoin (BTC) must break through to continue its upward trajectory.
Pseudonymous crypto trader Rekt Capital tells their 335,600 Twitter followers that BTC must close the week above $23,744 to continue its upward trend.
“BTC retest is now in progress
Ultimately, a Weekly Close above this key area is what BTC needs to achieve to break this confluent area of resistance to continue moving higher.”
With Bitcoin trading for $23,400 at time of writing, Rekt says BTC needs to go a little higher to confirm its upward trend on the 200-week moving average (MA).
“BTC has performed a picture-perfect rejection at the 200-week MA
BTC needs to reclaim this MA as support to enjoy strong trend continuation.”
Next, the analyst looks at the utility token of the decentralized finance (DeFi) payments infrastructure platform COTI (COTI). With COTI worth $0.105 at time of writing, the analyst suggests the token can continue its uptrend if it closes 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 will need to successfully 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 time of writing. The trader says AR needs to close the week above $13.11 for a bullish confirmation.
“AR is another Altcoin from my Altcoin Watchlist
AR has rallied +13% since breaking out from its green Bull Flag
AR has a chance at breaking out from 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 time of writing. The analyst says DUSK’s recent dip is a retest of support.
“DUSK / USDT
Now dipping towards the red level in an attempt a retest of it into new support
Successful retest and DUSK will enjoy a new rally
One of the Altcoins mentions in my Altcoin Watchlist.”
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The post Top Crypto Analyst Explains How Bitcoin (BTC) Can Keep Rising, Breaks Down Three Ethereum (ETH) Based Altcoins appeared first on The Daily Hodl.