A widely followed crypto analyst is breaking down king crypto Bitcoin (BTC), which is down 5% in the last seven days.
Pseudonymous crypto trader Rekt Capital tells his 351,100 followers on the social media platform X that the price zone of $26,000 is acting as a resistance for BTC.
[adinserter block="1"]“BTC is showing initial signs of ~$26,000 acting as new resistance.”
The analyst also asks his followers an important question — Is BTC on a bearish trajectory?
“Will the bearish BTC fractal play out?”
BTC is worth $25,767 at time of writing, up 0.7% in the last 24 hours.
In the trader’s Altcoin Watchlist newsletter, Rekt Capital also breaks down Fetch.AI (FET), an artificial intelligence (AI) altcoin that is up over 150% in the last year.
Fetch.ai is a decentralized machine-learning network that aims to bring together technologies such as machine learning, AI and blockchains to create and facilitate a decentralized digital economy. The FET token is used as a means of payment for network transactions.
According to Rekt Capital, despite FET rallying over 20% in the last month, its next price level up has been acting as resistance for the last two and a half months.
“It would be bullish of course for FET to reclaim the blue level as support because reclaiming the blue level would enable FET to rally even beyond the black resistance at $0.36.
For the moment, however, it is acting as resistance.
In fact, FET has been upside-wicking into this resistance for the past 2.5 months now, failing to reclaim this blue level as support each time.
Therefore technically — FET is as a result locked into a range (green box support to blue horizontal resistance) until further notice.”
FET is trading for $0.244 at time of writing, down 2.7% in the last 24 hours.
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Featured Image: Shutterstock/luboffke/Natalia Siiatovskaia
