After experiencing a bull run for the last couple of weeks, the cryptocurrency market is yet again on a bearish pull with Bitcoin and other major cryptocurrencies flashing red.
Meanwhile, one of the renowned crypto strategists and traders now predicts a minor pullback.
The analyst, who is anonymously known as rekt capital rekt capital Rekt Capital Crypto and Blockchain Expert Followers : 0 View profile , advises his 342,200 Twitter followers saying, as Bitcoin (BTC), Ethereum (ETH), and many other altcoins that are struggling to move beyond their resistance level, are most likely to see a slight pull back.
Rekt Capital is of the opinion that the crypto market will experience a minor retracement in the days to come as Bitcoin, Ethereum, and others are all set for a healthy downfall. This will convert the currency’s important retests of earlier resistance into new support.
In his latest newsletter, the strategist predicts that the flagship currency’s journey towards $21,894 won’t be that easy. Right now, Bitcoin is at a 200 weekly moving average and this is the area that the traders consider an important area for either support or resistance.
Further, Rekt Capital says that Bitcoin might face rejection at this level (the blue boxed region in the chart below). The blue box area is the one that indicates sideways movement from where the price saw its breakout. If the King currency faces a pullback now, then the asset will soon convert its top resistance as new support.
Suppose Bitcoin succeeds in reclaiming the barrier, then the currency see the price rallying again towards 200- the weekly moving average.
Currently, Bitcoin is selling at $21,210 with a surge of 0.45% over the last 24hrs.
Ethereum To Drop Below $1,000?
Next, the analyst talks about Ethereum and says that ETH Price is expected to end the month of July beyond the price range of $1,400. He also feels that after this, the lead altcoin will convert that area and make its support a move higher. On the contrary, if Ethereum fails to do this, then ETH will easily slide below the $1000 mark.
Rekt Capital pointing towards the chart below asserts that if Ethereum manages to end the month of July above orange, only then it will convert this range into support.
The strategist concludes his analysis by saying that if the second largest asset by market cap, Ethereum fails to do so and trades below the orange marked area, ETH will see a drastic fall and trade below $1,000
At the time of reporting, Ethereum is trading at $1,446 with a slight uptrend of 1.95% over the last 24hrs.
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