A well-followed analyst who correctly judged the current Bitcoin (BTC) correction says the crypto king is witnessing a breakout to an all-time high.
Pseudonymous analyst Recto Capital told his 440,100 followers on social media platform X that Bitcoin has begun the breakout process.
According to the analyst, Bitcoin ended the last week of March above its resistance level at $69,000, completing the first step of its breakout process. Rekt Capital says the final step for BTC to achieve its all-time breakout is to convert the resistance level into a support level.
“The first step is for the weekly closing price to exceed the range high (RH).
And if BTC needs to dip into RH to successfully retest as new support before continuing to rise…
That would be the second step to fully confirm the breakout. ”
A look at the trader’s chart seems to suggest that BTC must not fall below $65,596 on a weekly closing price basis for the retest to be successful.
At the time of this writing, Bitcoin is trading at $67,174, down more than 2% in the past day.
The analyst also notes three altcoins that are showing strong uptrend signals, including Ethereum (ETH) rival Solana (SOL). According to Recto Capital, Solana appears to be forming a bullish continuation pattern on the weekly chart.
“Solana is showing the first signs of developing a bullish flag at these highs (orange) following a successful retest of the range lows as new support (blue).”
A bullish flag is a technical pattern that indicates that an asset is in a correction phase for the next upward burst. At the time of writing, SOL is trading at $190.03.
Next, traders note that top meme coin Dogecoin (DOGE) is currently positioned above $0.30 after clearing two higher timeframe resistance levels last month.
“Doge did it.
This is bullish for a monthly candlestick closing price. ”
At the time of writing, DOGE is worth $0.203.
The final altcoin on the radar of analysts is the native asset of peer-to-peer payment network Litecoin (LTC). Rekt Capital says LTC’s months-long downtrend is over after the altcoin broke the months-long diagonal resistance that had kept Litecoin in a bear market for nearly three years.
“Litecoin is closing above the downtrend every month. That’s confirmed.
“The macro downtrend has been broken for the first time since April 2021. The macro downtrend has officially ended.”
At the time of writing, LTC is trading at $98.18.
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