Crypto Strategist Updates Outlook for Bitcoin, Ethereum, and an Altcoin That’s Exploded Over 120% in 10 Days
A well-regarded crypto analyst updates his outlook on the top two digital assets by market cap and an altcoin that has posted big gains over the past 10 days.
Starting with Bitcoin (BTC), pseudonymous crypto trader Rekt Capital tells its 332,000 Twitter followers that the king crypto’s dominance will move to the upside, adding that altcoins will weaken as BTC strengthens.
“BTC Dominance is successfully testing the blue level as support.
So far, BTC Dominance is positioning itself well for upside.
As Bitcoin becomes more dominant in the market, altcoins are becoming less important and losing valuations.”
Source: Rekt Capital/Twitter
According to the strategist, BTC’s Relative Strength Index (RSI), which measures an asset’s momentum, is on the verge of turning bullish.
“Monthly BTC RSI is attempting a breakout of the downtrend channel (orange).
The RSI would need to reclaim the green zone (former bear market lows) to turn the macro uptrend on its head.
There are still some technical steps to be taken, but good progress so far.”
Bitcoin is changing hands for $18,639 at the time of writing.
On smart contract platform Ethereum (ETH), Rekt Capital says traders can expect stiff resistance for the top altcoin by market cap in the near term.
“ETH is pushing more and more into that orange resistance area.
Also ahead is the series of lower highs that are also acting as further resistance.
ETH is now in a confluent resistance area. Of course bullish when the black diagonal is broken but ETH is not there yet.”
Ethereum is trading for $1,403 at the time of writing.
Rekt Capital concludes its analysis with Fetch.ai (FET), an artificial intelligence-focused digital asset, up nearly 130% since Jan. 2.
According to the analyst, if the FET can stay above the $0.19 area, the next move will be to the $0.26 level. However, it warns of a drop if it fails to hold the $0.19 zone.
“FET posted a weekly close above the red zone and successfully rebounded to new yearly highs.
Approaching the nearest resistance (orange) as FET turns the orange area into support and/or closes above it weekly [then it will go to the] blue.
Otherwise, a dip in the red could be next.”
FET is valued at $0.21 at the time of writing, up 15% over the past 24 hours.
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