A Crypto Analyst’s Insights on Bitcoin and Chainlink
A well-known crypto analyst is closely monitoring Bitcoin (BTC) and providing insights into Chainlink’s (LINK) recent movements. According to the analyst, BTC’s current price point is serving as a “point of reflection” for the leading cryptocurrency. Although BTC is currently experiencing rejection at this level, it is worth keeping an eye on.
As of now, BTC is valued at $26,899, showing a 0.5% decrease in the past 24 hours. The analyst also shares a “short story” about Chainlink’s price movements in his Altcoin Newsletter. The charts depict that Chainlink has seen a significant increase of +44% since mid-August.
Although Chainlink has yet to break out of its macro downtrend, it is currently in a favorable position to close the week above the trendline. If this occurs, there may be upward movement for LINK. However, it would only confirm a breakout from its macro range if there is a successful retest of the range high resistance as support upon weekly close.
At present, LINK is valued at $7.83, reflecting a 15.6% increase in the past week.
Hot Take: Bitcoin’s Outlook and Chainlink’s Potential
Bitcoin’s current price level is drawing attention, with analysts closely monitoring its movements. Chainlink, on the other hand, has shown positive price action and potential for a breakout from its macro downtrend. If LINK manages to successfully retest the range high resistance as support, it could confirm a breakout and see further upward movement. Keep an eye on BTC and Chainlink as they navigate these critical levels.
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