A widely followed crypto trader says Bitcoin’s (BTC) current value of $23,571 offers potential promise for the future.
Pseudonymous crypto analyst Rekt Capital tells their 334,500 Twitter followers that BTC’s weekly close over $23,400 is a promising sign for the king crypto.
“BTC has managed Weekly Close above ~$23,400 which offers potential promise
For a chance at upside, it’s crucial that BTC holds $23,400 as support
Because in August 2022, BTC failed its retest and dropped back into the blue-blue range
Key retest is in progress.”
The trader sees another encouraging sign from the leading crypto by market cap. According to the analyst, a new lower high has developed on the trading charts.
“A new BTC Lower High has developed
BTC is struggling to press past it for the time being
At the same time, BTC still holding the Monthly ~$23,400 level as support (blue)
These two levels are causing price compression so a volatile move should take place soon.”
Rekt Capital also dives into a top Ethereum (ETH)-based decentralized exchange (DEX) token, Sushi (SUSHI). The trader says SUSHI has reached a new resistance level due to its most recent rally.
“SUSHI / USDT – sushi sushiswap
Green pathway complete
SUSHI has finally reached the orange Range High resistance.”
Going deeper into the chart while zooming out to re-focus on the bigger picture, the trader reminds their followers that while Sushi has recently made a 55% jump, the DEX token is down 96% from all-time highs.
“Finally reached the top of the orange-orange range
That’s a +55% move
However, it’s important to bear in mind the macro view
SUSHI retraced -96% & when it breaks the Range High, it would likely enter a new macro uptrend.”
SUSHI is worth $1.58 at time of writing, up 7.83% over the last 24 hours.
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