A renowned crypto analyst and trader has come up with his analysis for the first two largest cryptocurrencies predicting their future movement.
An analyst who is anonymously called Rekt Capital Tweeted saying that in the last five days the world’s first cryptocurrency, Bitcoin, is currently enjoying its technical uptrend. He also says that Bitcoin is most likely to continue this journey.
The analyst also claims that it’s been a while since Bitcoin’s price action is not that impressive. However, if Bitcoin manages to maintain the upward movement technically, then the currency will soon see a bull run.
The strategist is also of the opinion that the flagship currency has hit its bullish line and now the position is being tested if the currency can hold on or not.
At the time of reporting, Bitcoin is selling at $20,283 with a massive pullback of 6% in the last 24hrs.
Next, Rekt Capital brings up his analysis of the second largest crypto by market cap, Ethereum (ETH). He believes that if the leading altcoin wants to protect itself from creating a lower high resistance trading line, Ethereum should strive to reclaim $1,600 – $1,700 price levels.
The trader looks optimistic that Ethereum might gain its positive price action.
Currently, Ethereum is changing hands at $1,505 with a price crunch of 10.78% over the last 24hrs.
At the moment, the global crypto market is all red flagged as all the major cryptocurrencies have lost their key trading area. Now, if Bitcoin and Ethereum manage to depict their price action as per analysts’ predictions, the market might find some stability.