A Potential Breakout for Chainlink (LINK)
A crypto strategist, known as Bluntz, believes that Chainlink (LINK) is primed for a breakout against Bitcoin (BTC), Ethereum (ETH), and the US dollar (USD). Bluntz notes that LINK is forming a bullish continuation pattern across all three pairs, which is standing out in a generally stagnant crypto market.
Key Points:
- Chainlink (LINK) is forming a potential bull flag breakout on its USD, BTC, and ETH pairs.
- Ethereum (ETH) is exhibiting similarities to Bitcoin’s early 2019 market structure and is expected to surge parabolically once it breaks above $2,050.
- The breakout candle for ETH at $2,050 is predicted to be significant and may mark the bottom for ETH/BTC.
As of now, Chainlink is valued at $7.44, nearing the diagonal resistance on LINK’s USD pair. Bluntz also mentions the potential for Ethereum’s price to mimic Bitcoin’s rally in early 2019 after breaking out from an ascending triangle pattern. Once ETH surpasses the $2,050 resistance level, Bluntz anticipates a significant surge without a retest. At the time of writing, ETH is valued at $1,858.
Hot Take:
Chainlink and Ethereum both show promising signs for potential breakouts, according to Bluntz. While LINK forms a bullish continuation pattern, ETH mirrors Bitcoin’s market structure and is expected to experience a parabolic surge. Crypto enthusiasts should keep a close eye on these altcoins as they may present profitable investment opportunities.
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