A widely followed crypto trader says Bitcoin (BTC) has officially broken out from an accumulation range.
Pseudonymous crypto analyst Rekt Capital tells their 366,900 followers on the social media platform X that BTC is now approaching the bull market’s first major resistance.
“Several months later and BTC has completely broken out from its Accumulation Range
This Accumulation Range [green] was calculated based on historical post-Death Cross retracement theory mentioned in the thread
Now at the first major resistance area (red)”
According to the analyst, BTC is now over a quarter of the way through the bull market.
“Bull Market Progress:
27.1%”
BTC is worth $37,055 at time of writing, up 7% in the last week.
In the latest edition of the trader’s altcoin newsletter, Rekt Capital says Litecoin (LTC) is approaching a fork in the road when trading against BTC (LTC/BTC).
“Last month, Litecoin on its BTC pair has lost its blue-blue range and this month is showing initial signs of turning it into new resistance.
Reject from here and LTC/BTC could drop back into the new old Time Low level from late 2022, which could offer a precarious position as LTC/BTC could easily slink down to new All Time Lows in that scenario.
However, if LTC/BTC is able to reclaim the blue Range Low as support then it is clear that price would continue its consolidation inside that range and revisit the confluent resistance area that is the Range High and the Macro Downtrend (black).”
LTC is worth 0.0019 BTC ($71.90) at time of writing, up 4% in the last week.
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Featured Image: Shutterstock/NEWSATR
