A widely followed crypto analyst is keeping an eye on Bitcoin (BTC) while breaking down Chainlink’s (LINK) latest movements.
Pseudonymous crypto trade Rekt Capital tells his 354,700 followers on the social media platform X that BTC’s current price point is acting as a “point of reflection” for the largest crypto asset by market cap.
“BTC
Acting as a point of rejection for the moment
Worth watching.”
BTC is worth $26,899 at time of writing, down 0.5% in the last 24 hours.
In the latest edition of the trader’s Altcoin Newsletter, Rekt Capital shares what he calls a “short story,” told mostly in charts, about Chainlink’s recent price movements, resulting in a +44% since mid-August.
“Here is a short story on Chainlink:”
“LINK then followed the red path…”
“Then rebounded strongly from the Range Low, before embarking on a path to revisit the Range High resistance…”
According to the trader, though LINK still hasn’t broken out of its macro downtrend, its price is currently positioned well to close the week above the trendline.
The trader says such a close would likely be retested, which could result in upward movement for LINK.
“A successful retest of the Downtrend would probably set price up for another revisit of the Macro Range High.
But it would only be upon Weekly Close and a successful retest of the Range High resistance as support that LINK would be able to confirm a breakout from its Macro Range.”
LINK is worth $7.83 at time of writing, up 15.6% in the last week.
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Featured Image: Shutterstock/NextMarsMedia
