A widely respected cryptocurrency analyst has issued a warning that one Ethereum-based (ETH) altcoin could plummet after being rejected at key levels.
Pseudonym: Cryptocurrency strategist Rekt Capital says 384,800 followers on social media platform
Rekt Capital points out that LINK should hold immediate support around $13.50 to avoid a deeper corrective move.
“Link: Rejected on the basis of the structure.
This means that the collapse of the blue market structure has been confirmed. As a result, LINK will probably head towards the bottom of the red zone once again.
“We need to continue holding on to avoid a downward trend,” he said.
As of this writing, LINK is trading at $13.65, up more than 2% in the last 24 hours.
Moving towards the king of cryptocurrencies, Bitcoin (BTC), Rekt Capital says: Imagine The top cryptocurrency asset by market capitalization will go parabolic in 2024 after the April halving.
Halvings, which cut BTC miners’ rewards in half, are historically events that coincide with Bitcoin bull markets.
Rekt Capital says:
“BTC: Pre-halving correction time is slowly approaching (orange).
Then, there will be a rally before the halving (light blue).
Then the pre-half-life dip (blue circle).
Then reaccumulate after half-life (red).
Then a parabolic half-life followed by a rise (green).”
The analyst continues memo BTC successfully converted the upper end of its trading range into support, setting the stage for a move above $45,000.
“Bitcoin successfully retested the top of the pattern to confirm a breakout. As a result, the price is technically positioned for a continuation of the trend.
From here on out, it’s all about follow-up.”
At the time of writing, Bitcoin is trading at 44,128, a small increase over the past 24 hours.
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