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Crypto News Blocks
Chainlink is Expected To Plunge Against Bitcoin After Forming Bearish Signals
- Chainlink’s price, based on Ethereum, has dropped 3.1% in the last 24 hours. For perspective, Bitcoin has rallied in excess of 4% over that same time frame.
- Over the past week, Chainlink has dropped around 10% alone, while BTC gained in excess of 7%.
- Analysts believe Chainlink (LINK) is poised to continue its plunge against BTC in the days and weeks ahead. One trader shared a chart that shows the leading altcoin is forming a number of bearish signals as it trades below two crucial moving averages.
- The coin is also forming a pennant/triangle pattern that seems poised to break to the downside. As a result, the trader predicts a move lower of 25-30% in the price of LINK against Bitcoin.
- Su Zhu, CIO and CEO of crypto and foreign exchange trading fund Three Arrows Capital, echoed similar sentiments. He thinks that capital from altcoins may stay mostly in Bitcoin until the coin distributes in the $40,000 to $70,000 region.
- Read the full story here.
Posted: October 21, 2020
Bitcoin Crosses Pivotal Macro Trend
- After plummeting to $10,200 earlier this month, Bitcoin has rallied to $12,400. On Wednesday, it passed the pivotal $11,828 resistance level as buyers stepped in.
- Since early 2018, this level has been of absolute importance to Bitcoin bulls, marking the highs of 2018, 2019 and even earlier this year during the summer breakout.
- Bitcoin will need to close above $11,828 on a weekly time frame if it is to confirm its macro bullish trend. That will be decided on Sunday evening.
- Analysts think that this is the start of a greater move higher. Crypto-asset trader Josh Olszewicz recently shared a chart that shows Bitcoin’s Ichimoku Cloud indicator recently formed a pivotal buying signal.
- This signal was last seen during the late-July rally that took Bitcoin from the $9,000s to $11,000 and beyond.
- Read the full story here.
Posted: October 21, 2020
