A widely followed crypto analyst analyzes Bitcoin (BTC) by looking at its historical patterns.
Pseudonymous crypto trader Rekt Capital tells his 359,500 followers on the social media platform
“BTC… If history repeats itself…Green circle first. Then a blue circle.”
Also based on its historical analysis, Rekt Capital say BTC is testing a trendline as resistance that could become support.
“Bitcoin tends to develop trendline resistance (red) at an 8-degree angle in the period before the halving.
This trendline is often retested months after the halving as new support.
After the key retest, BTC will rise to new all-time highs within 3-5 months.”
BTC is worth $26,760 at the time of writing.
In the latest edition of the altcoin newsletter from the trader, Rekt Capital say that Ethereum (ETH) competitor Polkadot (DOT) likely has even lower to go.
“Last month, Polkadot Monthly closed below the black level, which merged with the bottom of the blue triangular market structure.
And this month, the price moved upward to this level only to turn it into new resistance before confirming a further downside continuation in the orange area…
The bottom of the orange region may be retested for support in the future and with little response, DOT may even lose this region over time in an attempt to establish an accumulation range at new lows.”
DOT is trading at $3.68 at the time of writing.
Looking at the ETH-based altcoin TomoChain (TOMO), the pseudonymous trader wonders if TOMO is on its way up.
“Could TOMO provide an upward fuse here?
That is possible and therefore a monthly close above the green range high is needed, or at least a successful retest of that same level. Both are needed to push TOMO into the red resistance area and try to break it.
At this time, there is reason to believe that this green range may act as a reaccumulation range.”
TOMO is worth $1.47 at the time of writing.
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Generated image: Midjourney
