Analysis

Trader Issues Warning for Ethereum-Based Altcoin After Big Rejection, Updates Outlook on Bitcoin (BTC)

A extensively adopted crypto analyst is issuing a warning, saying that one Ethereum-based (ETH) altcoin might plummet after being rejected from a key stage.

Pseudonymous crypto strategist Rekt Capital tells his 384,800 followers on the social media platform X that decentralized oracle supplier Chainlink (LINK) has damaged under the diagonal help of an ascending channel chart sample.

Rekt Capital notes that LINK should maintain its fast help at round $13.50 to keep away from a deeper corrective transfer.

“LINK: rejected from the bottom of the construction.

Which means the breakdown from the blue market construction has been confirmed. In consequence, LINK will in all probability development to the underside of the crimson space as soon as once more.

Wants to carry there to keep away from a interval of draw back.”

Supply: Rekt Capital/X

At time of writing, LINK is buying and selling for $13.65, up over 2% within the final 24 hours.

Shifting on to the crypto king Bitcoin (BTC), Rekt Capital says that he envisions the highest crypto asset by market cap going parabolic in 2024 after the halving occasion in April.

The halving, which slashes BTC miners’ rewards in half, is an occasion that has traditionally coincided with Bitcoin bull runs.

Says Rekt Capital,

“BTC: time for a pre-halving correction is slowly operating out (orange).

Then it will likely be the pre-halving rally (gentle blue).

Then pre-halving dip (blue circle).

Then post-halving re-accumulation (crimson).

Then parabolic post-halving upside (inexperienced).”

Supply: Rekt Capital/X

The analyst goes on to note that BTC has efficiently flipped the highest of its buying and selling vary into help, setting the stage for a transfer above $45,000.

See also  Crypto Analyst Issues Dogecoin Warning, Says DOGE Breakout Is Postponed After Complicated Weekly Close

“Bitcoin has efficiently retested the highest of the sample to verify the breakout. In consequence, technically – worth is positioned for development continuation.

Now it’s all concerning the follow-through from right here.”

Supply: Rekt Capital/X

Bitcoin is buying and selling for 44,128 at time of writing, a fractional improve over the past 24 hours.

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