268 Interactions, 10 today
There has already been much too much said and written about the recent market downturn in the bitcoin sector. The primary prevalent topic that has risen in the last few days is, ‘Can Bitcoin and altcoins recover?’ If so, when?’
Rekt Capital, known for his technical crypto-analysis, recently released a YouTube video to highlight the ‘potential’ rebound for Bitcoin and other alts.
The analyst drew parallels to another time when the king coin took a deep dive down the price charts. Black Thursday back in March 2020 saw the world’s largest cryptocurrency crash to the $3000-levels.
Only twice in #BTC‘s price history have we seen such extreme sell-side volume
In March 2020
And most recently
— Rekt Capital (@rektcapital) May 24, 2021
Now, as per the previous estimate projected by the same analyst, he projected two possible paths for BTC. In his latest YouTube video, Rekt Capital observed,
“BTC was inside the $32000-$38000 range for a few days And now it has broken into the $38000-$44000 range”
The same can be highlighted by the graph below,
What about the possibility of Bitcoin heading to the $44k mark though? Here’s what the analyst was quick to acknowledge,
“Turn $38K into support and BTC will be able to rally towards the $44000 region. However still, many days left until the Weekly Close to confirm $38K as new support.”
It’s worth mentioning here that, though long-term traders had recently voiced positive emotions, the Fear & Greed index indicated that high fear was still controlling the market at the time of writing. Furthermore, at the time of writing, the market has seen another round of corrections, with the world’s largest cryptocurrency selling for slightly under $37,000.
Bitcoin Fear and Greed Index is 22 – Extreme Fear pic.twitter.com/EXYQF7UkaJ
— Bitcoin Fear and Greed Index (@BitcoinFear) May 26, 2021
With respect to ADA‘s price trajectory, the analyst commented that it was ‘probably the best looking chart as of now.’
“Currently above a historical resistance (red) that has plagued ADA for 4 months now….Monthly Close like this & Cardano may dip to the red area just to turn it into support before spring-boarding into a newly confirmed uptrend.”
At the time of writing, Cardano was trading at $1.56, with the alt having seen a price correction of 2.15% in the 24 hours before press time.
At the time of writing, LINK was trading well under the $40-mark, as per TradingView.
As seen in the accompanying graph, it increased by 23 percent in the previous 48 hours. Regarding its positive momentum, the expert remarked,
“Not only was LINK able to keep its multi-month Higher Low But it also broke out from the green area which has served as a valuable support for LINK uptrends.”
The silver-to-gold ratio of Bitcoin also increased. Following its fall, Litecoin recovered at a rate of 69 percent. It was trading at roughly $196 at the time of writing, with the alt having corrected by 2% in the previous 24 hours.
Rekt Capital emphasized the same point.
$LTC crashed all the way towards the top of the W-Shaped formation & turned it into support (orange)
Not only that, but LTC has almost cleared three major Monthly levels on its +69% recovery
— Rekt Capital (@rektcapital) May 26, 2021