A widely followed crypto analyst is taking another look at the Bitcoin (BTC) charts and breaking down Solana (SOL).
Pseudonymous crypto analyst Rekt Capital tells his 362,100 followers on the social media platform X that BTC still may not have found its range high.
“BTC
Another way of thinking about this chart…
What if the red Range High resistance has not yet been found?
Once price rejects strongly, that could cause a deeper retrace over this coming 175-day Pre-Halving period (orange).”
Rekt Capital also breaks down the game plan for BTC moving forward.
“Accumulate on a deeper retrace in orange
Re-Accumulate in red
HODL (hold on for dear life) in green.”
BTC is worth $33,924 at time of writing, up 14.5% in the last seven days.
In the latest edition of the trader’s Altcoin Newsletter, Rekt Capital says the Ethereum (ETH) competitor Solana is looking to complete its highest monthly candle close since April 2021.
“In recent months, SOL would simply upside wick beyond this black $23.89 resistance before slinking back below said level for a rejection.
But now, it looks like SOL has broken out from the orange-black range (~$20-$23.89) and rallied straight into the purple area.”
According to the analyst, the $32-$45 range could become support for SOL.
“Purple has historically acted as a major area of support in the past.
The question now is – will it act as a major area of resistance?
This doesn’t necessarily have to be the case: strong supports don’t have to become strong resistances.
Especially if SOL is able to perform crucial candle closes within and inside the purple area:”
SOL is worth $32.10 at time of writing up, 18.5% in the last week.
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Source: https://dailyhodl.com/2023/10/27/crypto-trader-takes-another-look-at-bitcoin-btc-breaks-down-top-ethereum-eth-competitor-solana-sol/