Trader Who Successfully Predicted 2018 Bitcoin Bottom Observes Promising Breakout Indications in Ethereum-Backed Altcoin
Crypto Analyst Anticipates Bullish Breakout for Chainlink (LINK) Against Bitcoin (BTC), Ethereum (ETH), and USD
Respected pseudonymous analyst Bluntz, with a substantial following of 223,800, has identified a potential breakout scenario for a mid-cap altcoin. The decentralized oracle network Chainlink (LINK) is garnering Bluntz’s attention due to its formation of a bullish continuation pattern across its trading pairs with Bitcoin, Ethereum, and the US dollar.
In an environment of relatively stagnant crypto markets, Bluntz has struggled to identify promising opportunities. However, Chainlink’s price action stands out as it appears to be on the cusp of a significant move. Bluntz remarks, “After an extended period of searching for viable options within this choppy market, LINK is finally displaying promise. Noteworthy is the emergence of a potential bull flag breakout on its USD pair, as well as on its BTC and ETH pairs.”
At the current time of assessment, Chainlink is valued at $7.44, closely approaching the trader’s diagonal resistance level on the LINK/USD pair.
Additionally, Bluntz shares insights on Ethereum’s outlook. Drawing parallels with Bitcoin’s market structure in early 2019, Bluntz believes that Ethereum might be poised for a substantial surge. This resemblance is observed following Ethereum’s breakout from an ascending triangle pattern.
According to Bluntz’s analysis, once Ethereum surpasses the resistance at $2,050, a transformative moment is likely to occur. This anticipated breakout could lead to a parabolic surge, potentially marked by a significant 40% weekly price movement. Bluntz states, “The breakthrough of the $2,050 level for ETH will serve as a pivotal moment, triggering what seems to be an inevitable surge. We anticipate this surge to be the catalyst that defines the bottom for the ETH/BTC pair.”
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.