dailyhodl.com
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 $BTC.
“$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.