Polkadot

Rekt

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 A widely followed crypto analyst is giving traders an update on crypto king Bitcoin (BTC) and taking a look at Polkadot (DOT).
 Pseudonymous crypto trader Rekt Capital&nbsp;tells&nbsp;his 394,700 followers on the social media platform X that February has brought BTC a new rejection from resistance.
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 “New month
 New rejection from the macro diagonal resistance.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GFQJt6yWMAAWJZ1?format=jpg&amp;name=large" alt="" width="1063" height="499">
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 Source: Rekt Capital/X
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 The macro diagonal resistance is represented as a line on the graph, indicating a value zone that BTC is struggling to pass.
 Next, Rekt Capital&nbsp;looks&nbsp;at BTC’s relative strength index (RSI), a momentum oscillator measuring the speed and change of asset price movements.
 “Bitcoin was able to revisit its red range high resistance (~$43,800) but has since rejected to form a lower high (black)
 In the meantime, the RSI is still at its downtrend resistance
 The RSI needs to break this downtrend if price is to move higher.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GFPo8ezWsAAqhY_?format=jpg&amp;name=large" alt="" width="1063" height="499">
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 Source: Rekt Capital/X
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 According to the analyst, BTC’s&nbsp;current cycle has been a “story of re-accumulation ranges” as the flagship digital asset approaches its next halving.
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-190710 size-full" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GFMwt6YWYAAUlWJ?format=jpg&amp;name=large" alt="" width="1063" height="499">
 <figcaption id="caption-attachment-190710" class="wp-caption-text">
 Source: Rekt Capital/X
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 Bitcoin’s halving is a scheduled event that occurs every four years when the rewards for mining and verifying new blocks is reduced by half. The next one is slated for April.
 BTC is worth $42,560 at time of writing, up 6.5% in the last week.
 In a new edition of the trader’s&nbsp;<a rel="noopener noreferrer nofollow" title="Category Altcoin News" href="https://thebittimes.com/altcoin-news.html">Altcoin News</a>letter, Rekt Capital also says that interoperability blockchain Polkadot has successfully rebounded to kick off the new year.
 “DOT has rebounded +12% to the upside and looks set to monthly close above the top of the green support area.
 A monthly close above the top of the green area would enable DOT to continue to follow the blue path so as to revisit the black highs above.”
 <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 100%" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-190710 size-full" src="https://cdn.thebittimes.com/images/2024/02/02/5dd5df654ac786df18cc0d2adeb72604.webp" alt="" width="1063" height="499">
 <figcaption id="caption-attachment-190710" class="wp-caption-text">
 Source: Rekt Capital/Altcoin Newsletter
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 DOT is worth $6.75 at time of writing, up 6% in the last seven days.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-analyst-updates-outlook-on-bitcoin-btc-shows-path-for-polkadot-dot-to-continue-up-tbt78583.html">https://thebittimes.com/crypto-analyst-updates-outlook-on-bitcoin-btc-shows-path-for-polkadot-dot-to-continue-up-tbt78583.html</a>

Crypto Analyst Updates Outlook on Bitcoin (BTC), Shows Path for Polkadot (DOT) To Continue Up

TheBitTimes

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