Crypto analyst warns that Bitcoin (BTC) could lose support and dives deep into Ethereum (ETH).
A widely followed crypto analyst says Bitcoin (BTC) could soon lose support and fall even further.
Pseudonymous crypto trader Rekt Capital tells its 388,500 followers on social media platform X that the loss of support has not yet been confirmed.
“BTC is losing the range low as support
However, this is not yet confirmed
A weekly close below the range low is required as the price was previously trending downwards here
A weekly close below the range low would start the collapse process.”
Source: Rekt Capital/X
At the time of writing, BTC is worth $40,950, down 4% in the last 24 hours.
In his latest altcoin newsletter, the analyst takes a deep dive into Ethereum (ETH), wondering whether the leading smart contract platform by market cap's recent rally is almost over.
“Ethereum made a +19% move across the entire red-red range, returned to range high, and all but completed and missed its +22% move from range low to range high Top of the range just around +2.%.
Is this step over?”
Source: Rekt Capital/Altcoin Newsletter
The analyst thinks that ETH could fall to the low again and this test could potentially be volatile for the value of Ethereum.
“So if the retest is volatile, similar to what we saw last month, ETH could fall to the very low $2000s according to this adjusted green path.”
However, if we see an even more volatile retest there, then the green macro higher low could come into play as key support at the highs around $1900…
It all depends on the level of volatility at this range-low support, which is difficult to assess in advance; Because how can we estimate the level of emotionality in advance?”
Source: Rekt Capital/Altcoin Newsletter
Overall, the trader believes that ETH has completed its big move for now.
“This $2,740-$2,791 area acted as a reaccumulation area in the previous cycle.
Could it become one this cycle too?”
ETH is trading at $2,470 at the time of writing, down 8% over the last week.
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