A widely followed crypto analyst is updating his outlook on the top two leading digital assets by market cap and an altcoin that has posted large gains in the last 10 days.
Starting with Bitcoin (BTC), pseudonymous crypto trader Rekt Capital tells his 332,000 Twitter followers that the king crypto’s dominance levels are set to make a move to the upside, adding that as BTC gets stronger, altcoins get weaker.
“BTC Dominance is successfully retesting the blue level as support.
So far, BTC Dominance is positioning itself well for upside.
As Bitcoin becomes more dominant in the market, altcoins become less so and lose their valuations”
According to the strategist, BTC’s Relative Strength Index (RSI), which measures an asset’s momentum, is on the cusp of flipping bullish.
“Monthly BTC RSI is attempting a breakout from the downtrending channel (orange).
RSI would need to reclaim the green area (previous bear market bottom levels) to flip macro bullish on trend.
Still a few technical steps to make but good progress thus far.”
Bitcoin is changing hands for $18,639 at time of writing.
Moving on to the smart contract platform Ethereum (ETH), Rekt Capital says that traders can expect heavy resistance in the short term for the top altcoin by market cap.
“ETH is pressing more and more into this orange resistance area.
Ahead is also the series of lower highs acting as another resistance as well.
ETH is now in a confluent area of resistance. Of course, bullish if black diagonal is broken but ETH is not there yet.”
Ethereum is moving for $1,403 at time of writing.
Rekt Capital wraps up his analysis by bringing up Fetch.ai (FET), an artificial intelligence-focused digital asset that has risen nearly 130% since January 2nd.
According to the analyst, if FET can stay above the $0.19 range, it will rise to the $0.26 level next. However, he warns of a dip if it fails to maintain the zone around $0.19.
“FET performed a weekly close above the red region and successfully rallied to new yearly highs.
Approaching the next resistance (orange), if FET turns the orange area into support and/or weekly closes above it [then it will go to the] blue.
Otherwise a dip to red may be next.”
FET is valued at $0.21 at time of writing, a 15% gain during the last 24 hours.
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Source: https://dailyhodl.com/2023/01/12/crypto-strategist-updates-outlook-for-bitcoin-ethereum-and-one-altcoin-thats-exploded-over-120-in-10-days/