A widely followed crypto analyst says that Bitcoin (BTC) may soon lose support and fall even further.
Pseudonymous crypto trader Rekt Capital tells his 388,500 followers on the social media platform X that the loss of support has not yet been confirmed.
“BTC is losing the Range Low as support
This is not confirmed yet however
A Weekly Close below the Range Low is needed as previously price would downside wick here
Weekly Close below the Range Low would kickstart the breakdown process.”
BTC is worth $40,950 at time of writing, down 4% in the last 24 hours.
“Ethereum performed a +19% move across the entirety of its red-red range, revisiting the Range High area, pretty much completing its +22% move from Range Low to Range High, narrowly missing the top of the range by some +2%.
Is this move over?”
The analyst says ETH could drop to the range low again, and that test could potentially be volatile for Ethereum’s value.
“So if the retest is a volatile one, similar to what we saw last month, ETH could drop into the very low $2000s as per this adjusted green path.
However, if we see an even more volatile retest there, then the green macro Higher Low could come into play as a key support in the highs $1900s…
It all depends on the extent of volatility at this Range Low support, which is difficult to assess ahead of time; after all, how can we assess the level of emotionality ahead of time?”
Overall, the trader believes ETH has completed its big move for the time being.
“This $2740-$2791 range has acted as a re-accumulation range in the previous cycle.
Could it become one of the same in this cycle as well?”
ETH is trading for $2,470 at time of writing, down 8% in the last week.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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