A well-known crypto analyst talks about what lies ahead for Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC), and warns investors about altcoins.
Pseudonymous crypto trader Rekt Capital tells his 334,000 Twitter followers say that as long as the royal cryptocurrency continues to trade below the $17,400 level, it will be in danger of making new lows.
“BTC’s recent recovery continues to see the price trading below the monthly resistance of ~$17,400.
As long as $BTC stays below this resistance, there will always be the threat of a stronger bias towards continued decline and new lows.”
Bitcoin is moving at $16,591 at the time of writing.
Aimed at leading smart contract platform Rekt Capital. He speaks that Ethereum may be showing weakness as selling pressure continues to mount.
“ETH has been making consecutive lower highs over the past three months.
This demonstrates growing selling pressure at lower and lower levels. In addition, ETH almost completely restored the movement that began in July. Could be a sign of weakening support at $1,100.”
At the time of writing, Ethereum is changing hands for $1,021.
Turning to BTC Litecoin Alternative, Analyst notes that if LTC wants to continue its rally, it needs to close November above the $67 price tag.
“LTC growth wicks rose to $85-98 (blue) before eventually deviating from it. Price must close monthly and hold above $67 to move higher next month.”
LTC is currently valued at $77.84.
Finally, Rekt Capital questions a warning to traders saying that he will invest in altcoins with caution until they return the levels they recently flipped from support to resistance.
“It looks like many altcoins are potentially turning old broken supports into new resistances. Until the altcoins can recover these recently lost levels, it is best to be careful.”
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