A crypto analyst who nailed Bitcoin’s correction before half -year last year believes that BTC is prepared to light fresh rally.
Pseudonym Analyst Rect Capital tells His 553,600 followers on the social media platform X that Bitcoin needed a weekly light close to $ 119,200 to trigger a breakout from a haus -like continuing pattern.
With BTC closing the previous week at about $ 119 400, the analyst says Bitcoin is now turning the resistance level into support and that the outbreak is in sight.
“Bitcoin did it.
Bitcoin Weekly closed over ~ $ 119,200 bull flag top and is now testing it to fully confirm the outbreak.
The disadvantage of Wicking is possible on this reproduction, as long as the bull flag top is maintained as support. ”
At the time of writing, Bitcoin is traded for $ 118 183.
Another crypto supply that had a strong weekly solid is Memecoin Pudgy Penguins (Panties), according to the trader. While the rect says that Altcoin looks strong, he notes that there must be lightning signs of long -term speed to invalidate a baisse -like divergence on the daily chart.
A baisse -like divergence is a reversal signal, which indicates that momentum decreases for an asset after an upset.
“Pudgy Penguins has performed their highest ever every week and done it over its final large weekly resistance (blue).
Testing with $ 0.04 old resistance (blue) to new support would confirm a successful afterbid.
While the positioning is favorable, there is mounting of baisse -like deviations on the daily that Pengu will need to soon annul for stronger bull pre -voltage. ”
At the time of writing, Pengu is worth $ 0.041.
Generated Picture: Midjourney
