A widely followed crypto analyst is issuing a warning, saying that one Ethereum-based (ETH) altcoin may plummet after being rejected from a key level.
Pseudonymous crypto strategist Rekt Capital tells his 384,800 followers on the social media platform X that decentralized oracle provider Chainlink (LINK) has broken below the diagonal support of an ascending channel chart pattern.
Rekt Capital notes that LINK must hold its immediate support at around $13.50 to avoid a deeper corrective move.
“LINK: rejected from the base of the structure.
This means that the breakdown from the blue market structure has been confirmed. As a result, LINK will probably trend to the bottom of the red area once again.
Needs to hold there to avoid a period of downside.”
At time of writing, LINK is trading for $13.65, up over 2% in the last 24 hours.
Moving on to the crypto king Bitcoin (BTC), Rekt Capital says that he envisions the top crypto asset by market cap going parabolic in 2024 after the halving event in April.
The halving, which slashes BTC miners’ rewards in half, is an event that has historically coincided with Bitcoin bull runs.
Says Rekt Capital,
“BTC: time for a pre-halving correction is slowly running out (orange).
Then it will be the pre-halving rally (light blue).
Then pre-halving dip (blue circle).
Then post-halving re-accumulation (red).
Then parabolic post-halving upside (green).”
The analyst goes on to note that BTC has successfully flipped the top of its trading range into support, setting the stage for a move above $45,000.
“Bitcoin has successfully retested the top of the pattern to confirm the breakout. As a result, technically – price is positioned for trend continuation.
Now it’s all about the follow-through from here.”
Bitcoin is trading for 44,128 at time of writing, a fractional increase during the last 24 hours.
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Featured Image: Shutterstock/Marko Aliaksandr/Fotomay
The post Trader Issues Warning for Ethereum-Based Altcoin After Big Rejection, Updates Outlook on Bitcoin (BTC) appeared first on The Daily Hodl.