A well-regarded crypto analyst outlines the future of Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) while warning investors about altcoins. As the crypto king continues to trade below the $17,400 level, it is at risk of making new lows. “The recent rally in BTC still sees price trading below the ~$17400 monthly resistance. If $BTC remains below that resistance, there will always be a more potent threat of rejection toward a continuation of lower and new lows. Bitcoin is moving up $16,591 at the time of writing.
Rekt Capital, focusing on the leading innovative contract platform, believes Ethereum may show signs of weakness as sell pressure builds.
“For the past three months, ETH has been forming consecutive lower highs.”
This demonstrates that seller pressure is increasing at lower and lower levels. ETH has also retraced nearly the entire move that began in July. This could be a sign that $1100 support is eroding.”
At the time of writing, the price of Ethereum is $1,021.
Moving on to Litecoin, the analyst observes that if LTC is to continue its rally, it must end the month of November above the $67 mark.
“LTC upside wicks have reached as high as the $85-$98 region (blue) before rejecting there.” The price must close above $67 every month to move higher next month.”
LTC is currently worth $77.84.
Finally, Rekt Capital warns traders that he would be wary of investing in altcoins until they reclaim the levels that they recently flipped from support to resistance.
“Many altcoins are potentially converting old broken down supports into new resistances.” It’s best to be cautious until altcoins can reclaim these recently lost levels.”