A crypto strategist known for pinpointing Bitcoin’s decline earlier this year warns that BTC is sending signals that could lead to an extended period of correction.
The pseudonymous analyst Rekt Capital tells his 524,500 followers on the social media platform
According to the analyst, price movements suggest that BTC could take a breather in the coming weeks.
“Weekly support has been lost.
The five-week technical uptrend is over (orange).
Bitcoin is showing increasing signs of entering a multi-week correction.
Any recovery rally towards these old support levels, if necessary at all, could convert them into new resistance levels, thus confirming further bearishness.”
Rekt also emphasizes that Bitcoin is converting previous support levels into resistance levels, adding more credibility to his bearish BTC stance. The trader now believes that Bitcoin will reach the price level of $90,000.
“Old supports act as new resistance.
The failure was therefore technically confirmed.
But the continuation in the bearish…
