Crypto Analyst Offers Update on Bitcoin (BTC), Says Chainlink (LINK) Has Broken Through a Downtrend

A widely followed crypto analyst is updating his outlook on Bitcoin (BTC) while looking ahead for Chainlink (LINK).

Pseudonymous crypto trader Rekt Capital tells his 354,500 followers on the social media platform X that he’s looking for BTC to form a lower high in the coming weeks.

“BTC 

At this same point in the cycle in 2019, BTC formed a Lower High

If BTC forms a Lower High in the coming weeks, that would be further confirmation for a potential Higher Low revisit later in this cycle.”

Source: Rekt Capital/X

According to the analyst, BTC is currently sitting on the bull market support band.

“BTC is right back at the Bull Market Support Band cluster of moving averages, challenging to breakout beyond them.”

Source: Rekt Capital/X

The analyst also shares a chart that he calls an “update” on the bearish Bitcoin fractal that is potentially forming.

“BTC 

Bearish Bitcoin Fractal update.”

Source: Rekt Capital/X

BTC is worth $26,409 at time of writing, down 2.3% in the last seven days.

Looking at blockchain oracle Chainlink, Rekt Capital says LINK has recently broken through a downtrend, implying there could be room to move upward.

“LINK 

Chainlink has broken the Macro Downtrend.”

Source: Rekt Capital/X

LINK is trading for $7.70 at time of writing, up 11.6% in the last seven days.

Comments

Post a Comment

Popular posts from this blog

Mixed Reviews on Coinbase Stock as Investors Take Differing Positions

Image
According to the latest filing with the Securities and Exchange Commission (SEC), Private Advisor Group LLC has reduced its holdings in the US-based crypto exchange Coinbase Global by 19.8%.  This information was captured in a report by MarketBeat on Saturday, noting the firm now owned 16,730 shares of the crypto exchange’s stock after selling 4,135 shares. Notably, Private Advisor Group LLC’s holdings in Coinbase Global were worth $592,000 at the end of the most recent reporting period. The decrease in the group’s holdings could indicate a lack of faith in the crypto firm, leading to further selling pressure on the stock. However, other institutional investors have been adding to their stakes in Coinbase. First Trust Advisors boosted its holdings in Coinbase Global by 329.7% in the third quarter. Similarly, Northern Trust Corp boosted its holdings in Coinbase Global shares by 320.1% in Q2.  Furthermore, California Public Employees Retirement System acqu...
Read more

The Fed may be done hiking: Time to buy Shiba Memu?

The biggest stories of this week were the Federal Open Market Committee (FOMC) meeting on Wednesday followed by the US non-farm payrolls (NFP) data on Friday. These two events set the tone for what could be the next bull run in the crypto and stock market.  FOMC and US NFP data The Federal Reserve concluded its two-day monetary policy meeting on Wednesday. And was widely expected, the bank decided to leave interest rates unchanged between 5.25% and 5.50%, the highest point in more than two decades.  In the accompanying statement, the bank left the door wide open for another rate hike in December or the first quarter of 2024. However, in the press conference, Jerome Powell hinted that the Fed could be done hiking rates. At the same time, he noted that the bank would continue being data-dependent. In this regard, he said that the bank would focus on jobs and inflation numbers that will come out before the December meeting. The NFP data published on Fr...
Read more

Crypto Market Cap May Not Drop Further, Predicts Renowned Trader

Image
The renowned crypto trader Michael van de Poppe predicted in a tweet published earlier today that the global crypto market cap may establish its low for this latest correction. In the post, he noted that the total crypto market cap was still trading above the 200-week EMA and 200-week MA lines. The recent drop in the crypto market cap was the result of the SEC suing Binance, the largest crypto exchange platform. Nevertheless, van de Poppe suggested that if the total stays above these two lines in the upcoming weeks, it would indicate that the latest market correction has reached its lowest point. Weekly chart for TOTAL/USD (Source: TradingView) At press time, CoinMarketCap indicated that the collective crypto market cap stood at around $1.09 trillion following a 3.83% drop in the past 24 hours. From a technical perspective, the total was still trading above the aforementioned 200-week EMA and 200-week MA lines highlighted by the trader. The two lines were, however, o...
Read more