HomeAlt CoinsBitcoin (BTC) Deemed as 'Promising Prospect' by Crypto Analyst, Analyses Chainlink (LINK)...

Bitcoin (BTC) Deemed as ‘Promising Prospect’ by Crypto Analyst, Analyses Chainlink (LINK) Extensively

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A popular crypto analyst is closely monitoring Bitcoin (BTC) and analyzing the recent movements of Chainlink (LINK).

Rekt Capital, a pseudonymous crypto trader, informs his 354,700 followers on Twitter that BTC’s current price level is serving as a “point of reflection” for the largest cryptocurrency by market cap.

“BTC

Acting as a point of rejection for the moment

Worth watching.”

Source: Rekt Capital/X

Currently, BTC is valued at $26,899, experiencing a 0.5% decrease in the past 24 hours.

In the latest issue of Rekt Capital’s Altcoin Newsletter, the trader shares a “short story” about Chainlink’s recent price movements, which have resulted in a +44% gain since mid-August.

“Here is a short story on Chainlink:”

Source: Rekt Capital

“LINK then followed the red path…”

Source: Rekt Capital

“Then rebounded strongly from the Range Low, before embarking on a path to revisit the Range High resistance…”

Source: Rekt Capital

Despite LINK’s inability to break out of its long-term downtrend, the trader suggests that its current price position makes it likely to close the week above the trendline.

The trader also notes that a successful retest of the downtrend could lead to upward movement for LINK.

“A successful retest of the Downtrend would probably set price up for another visit to the Macro Range High.

However, 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.”

Source: Rekt Capital

LINK is currently valued at $7.83, experiencing a 15.6% increase in the past week.

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Featured Image: Shutterstock/NextMarsMedia

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