Crypto analyst suspects Bitcoin (BTC) bull market progress and says Litecoin (LTC) could face “new resistance.”
A widely followed crypto trader says Bitcoin (BTC) has officially broken out of an accumulation range.
Pseudonymous crypto analyst Rekt Capital tells his 366,900 followers on social media platform X that BTC is now approaching the first major resistance of the bull market.
“A few months later, BTC has completely broken out of its accumulation range
This accumulation area [green] was calculated based on the historical post-death cross retracement theory mentioned in the thread
Now at the first major resistance area (red)”
Source: Rekt Capital/X
According to the analyst, BTC is now more than a quarter of the way through the bull market.
“Bull Market Progress:
27.1%”
Source: Rekt Capital/X
At the time of writing, BTC is worth $37,055, up 7% in the last week.
In the latest edition of the trader’s altcoin newsletter, Rekt Capital says Litecoin (LTC) is approaching a fork in the road when trading BTC (LTC/BTC).
“Last month, Litecoin lost its blue-blue range on its BTC pair and is showing early signs of turning into new resistance this month.
If you decline from here, LTC/BTC could fall back to the new old all-time low from the end of 2022, which could be a precarious situation as LTC/BTC could easily slide to new all-time lows in this scenario.
However, if LTC/BTC is able to reclaim the blue range low as support, then it is clear that price will continue its consolidation within this range and overcome the confluence resistance area that represents the range high and the macro downtrend (black ) represents, would visit again.”
Source: Rekt Capital/Altcoin Newsletter
At the time of writing, LTC is worth 0.0019 BTC ($71.90), up 4% over the last week.
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