Pseudonym of crypto trader Rekt Capital recount its 334,000 Twitter followers that as long as the king of crypto continues to trade below the $17,400 level, it is likely to hit new lows.
“BTC’s recent rally sees prices still trading below monthly resistance around $17,400.
As long as $BTC remains below this resistance, there will always be a threat of stronger rejection in the pursuit of lower and new lows.
Bitcoin is moving for $16,591 at the time of writing.
Set your sights on leading smart contract platform, Rekt Capital said that Ethereum may be showing weakness as selling pressure continues to build.
“ETH has formed consecutive lower highs over the past three months.
This demonstrates increasing pressure from sellers at lower and lower levels. ETH has also retraced almost all of the movement that began in July. May be a sign of a weakening of support around $1,100.
Ethereum is changing hands for $1,021 at the time of writing.
Moving on to the BTC Litecoin alternative, the analyst Remarks that if LTC wants to continue its rally, it must close November above the price of $67.
“LTC’s bullish wicks climbed as high as the $85-$98 region (blue) before finally rejecting there. The price must close monthly and hold above $67 to rise next month.
LTC is currently valued at $77.84.
Finally, Rekt Capital problems a warning to traders, saying it would be prudent to invest in altcoins until they recoup the levels they recently flipped from support to resistance.
“Many Altcoins seem to potentially turn old broken supports into new resistances. Until altcoins are able to recover these recently lost levels, it is better to be cautious.
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