One of the top crypto traders and the pseudonymous strategist Rekt Capital recently shared his outlook about Bitcoin BTC/USD, Dogecoin DOGE/USD, and Ethereum ETH/USD as the crypto market attempts to bounce back.
On his Twitter feed, he said that Bitcoin must recover a crucial price area before the weekend is over to sustain its bullish momentum.
According to Rekt Capital, Bitcoin has broken out of a large reversal pattern on the weekly timeframe and is now retesting its previous resistance turned into support.
#BTC has broken out from its Ascending Triangle
Now BTC is in the process of retesting the Ascending Triangle top as new support in an effort to fully confirm the breakout
Retest is in progress$BTC #Crypto #Bitcoin pic.twitter.com/coNU0XcuQB
— Rekt Capital (@rektcapital) April 8, 2022
Also Read: This Bitcoin Whale Is Buying $1M Worth Every Day: Here’s How He Does It
At the time of writing, Bitcoin is trading at $42,765.34, up by 0.96% in the last 24 hours.
Talking about Dogecoin, he said that it could rally to nearly $0.28.
DOGE is still in the process of reclaiming the $0.14 Range Low as support (green)
That said, reclaim the green Range Low as support and DOGE will have confirmed a return to this +44%-wide range#Crypto https://t.co/KPnlGVDIk4 pic.twitter.com/cpzmx8QmR0
— Rekt Capital (@rektcapital) April 7, 2022
At the time of writing Dogecoin is trading at $0.1549, up by 8.14% in the last 24 hours and up by 6.38% in the last seven days.
Moving on to Ethereum he mentioned that it may retest the $3,000 area after failing to bust through a key resistance level.
“ETH has rejected from the blue $3,440 Monthly resistance. Therefore, a revisit of ~$3,000 (black) is now a possibility. It’s worth repeating that when black gets retested on a dip – wicks occur. So, if ETH dips to black, it could wick into the green higher low,” he said.
Also Read: This Popular Crypto Trader Calls Ethereum Rivals ‘Vaporware’ And Says They’ll Drop To Zero
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