A widely followed cryptocurrency analyst updates its outlook for the top two digital assets by market capitalization and altcoins, which have posted significant gains over the past 10 days.
Starting with Bitcoin (BTC), pseudonymous cryptocurrency trader Rekt Capital To tell His 332,000 Twitter followers add that the crypto kingpin’s dominance levels are set to move upwards, adding that as BTC gets stronger, altcoins will get weaker.
“BTC dominance has successfully retested the blue level as support.
So far, BTC Dominance has positioned well upwards.
As Bitcoin becomes more dominant in the market, altcoins become less so and lose their reputation. ”
According to strategists, BTC’s Relative Strength Index (RSI), which measures the asset’s momentum, flipping strong.
“Monthly BTC RSI is attempting a breakout from the downtrend channel (orange).
The RSI needs to recapture the green area (the previous bear market bottom) to turn the macro bullish into trend.
There are still some technical steps to be taken, but so far it’s going well. ”
Bitcoin is trading at $18,639 at the time of writing.
Turning to smart contract platform Ethereum (ETH), Lect Capital says traders will be able to: Predict Strong short-term resistance for top altcoins by market capitalization.
“ETH is pushing more and more into this orange resistance area.
It is also preceded by a series of low highs that act as another resistance.
ETH is now at the confluence of resistance. Of course, we would be bullish if the black diagonal broke, but ETH is not there yet. ”
Ethereum is trading at $1,403 at the time of writing.
Rekt Capital concludes its analysis by highlighting Fetch.ai (FET), an artificial intelligence-focused digital asset that has risen nearly 130% since January 2nd.
According to analysts, if the FET can stay above the $0.19 range, rise Next up to $0.26 levels. However, he warned that the digital currency will fall if it fails to sustain the zone around $0.19.
“The FET has successfully closed the weekly trading above the red area and achieved a new annual high.
We are approaching the next resistance (orange). If the FET turns the orange area into support and/or ends weekly on it [then it will go to the] blue.
If not, a dip to red might be next. ”
FET is valued at $0.21 at the time of writing, up 15% in the last 24 hours.
Don’t miss a beat – subscribe to get encrypted email alerts delivered straight to your inbox
Price action confirmation
Please follow us twitterfacebook, telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/jovan vitanovski/Chuenmanuse/Spyro the Dragon