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July 19, 2024
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A Popular Analyst Believes Bitcoin Bullish Breakout is Imminent-But When?

The post A Popular Analyst Believes Bitcoin Bullish Breakout is Imminent-But When? appeared first on Coinpedia Fintech News

Bitcoin price is trying to break out of the consolidation and rise beyond the crucial resistance at $23,400. Therefore, despite constant bearish interference, the star crypto stood strong and closed the day’s trade around these levels. A well-known crypto analyst, Rekt Capital believes that the BTC price may continue with its uptrend as long as its dominance maintains above certain levels. 

The BTC dominance is rising and hovering within a descending parallel channel. Hence is believed to reach the upper resistance close to 46% if the uptrend is maintained. This may rise the price beyond the crucial resistance mentioned above. However, if the dominance levels fail to rise beyond 46%, then the BTC price may undergo a minor rejection followed by a sideway trend. 

If the BTC price wants to ensure the highest chance of breakout, then it needs to hold above the crucial levels at $23,400 before the end of the present month. 

“ To ensure a higher chance of breakout, BTC should ideally Monthly close above the blue $23,400 resistance.

Otherwise, BTC could set itself up for a dip inside this ~$20,000-$23,400 range (blue-blue) to consolidate here for a few weeks,”

Litecoin (LTC) Price

Further moving to the other altcoins like Litecoin, the analyst says that the lite version of Bitcoin is poised to surge and spark a rally towards the north soon. The LTC price after the recent breakout broke above the bullish flag and is trying hard to confirm the breakout while the monthly close is just round the corner. 

“It is clear there is a very different reaction to LTC at these prices.

In the past, LTC would either fail a post-breakout retest from the green area (pre-2018) or fake-breakout (2020)

But this time, LTC has broken out from a Bull Flag continuation pattern,”

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