Top crypto analyst points the way for Bitcoin, Ethereum and Litecoin and urges caution with altcoins
A well-respected crypto analyst outlines the future of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) and cautions investors against altcoins.
Pseudonymous crypto trader Rekt Capital tells its 334,000 Twitter followers that as long as the crypto king continues to trade below the $17,400 mark, he is at risk of making new lows.
“BTC’s recent rebound still sees the price trading below the ~$17400 monthly resistance.
As long as $BTC stays below this resistance, there is always a risk that it will bounce more strongly into downside continuation and new lows.”
Bitcoin is hovering around $16,591 at the time of writing.
Rekt Capital has its sights set on the leading smart contract platform and says Ethereum may show weakness as selling pressure continues to mount.
“ETH has made consecutive lower highs for the past three months.
This shows increasing seller pressure at lower and lower levels. ETH also followed almost the entire move, which began in July. May be a sign of weakening ~$1100 support.”
Source: Rekt Capital/Twitter
Ethereum is changing hands for $1,021 at the time of writing.
Regarding BTC alternative Litecoin, the analyst notes that if LTC wants to continue its rally, it needs to close the month of November above the $67 price.
“LTC up wicks rallied up to the $85-$98 region (blue) before finally declining there. Price must close monthly and sustain above $67 to surge higher next month.”
LTC is currently valued at $77.84.
Finally, Rekt Capital issues a warning to traders, saying that it would be cautious about investing in altcoins until they reclaim the levels that recently flipped them from support into resistance.
“Many altcoins appear to be potentially turning old broken support into new resistance. Until altcoins are able to recapture these recently lost levels, it is better to be cautious.”
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