A widely followed crypto analyst is breaking down Bitcoin (BTC) while keeping an eye on some top altcoin projects.
Pseudonymous crypto trader Rekt Capital tells his 376,600 followers on the social media platform X that BTC has overcome its fall from last year.
“This year has completely engulfed the downside from last year.
A lot can change in a year.”
Looking ahead for BTC, Rekt Capital says the crypto king might soon drop slightly in price.
“Picture-perfect rejection from the bottom of this green range
BTC failed to Daily Close inside the old range
In doing so, BTC has formed a new Lower High also on the RSI (relative strength index) (red) – potential sign of weakness.
Price may soon drop into ~$41,200 (black).”
BTC is worth $41,792 at time of writing.
Moving on to top artificial intelligence (AI) altcoin Fetch.ai (FET), the analyst says the altcoin project has risen by 300% since he first put it on his “Altcoin Watchlist.”
“Up almost +300% since the Altcoin Watchlist.
Now trying to breach one of the final resistances before new All Time Highs.
Weekly Close above the red resistance would be bullish.”
FET is trading for $0.724 at time of writing, up 35% in the last week.
Finally, diving into Cardano (ADA) in his Altcoin Newsletter, the analyst says Cardano is on its way back up.
“ADA has rallied +60% to the upside, on the way to reaching the green resistance above, most lately having retested the orange level as support, following the orange path perfectly.
ADA didn’t offer any deeper dips, much like most of the market.
ADA is on the way to the green resistance above.”
ADA is worth $0.621 at time of writing, up over 11% in the last week.
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