A crypto analyst is closely monitoring the movements of Bitcoin (BTC) and Chainlink (LINK).
The analyst, Rekt Capital, informs his followers on X that BTC’s current price is acting as a “point of reflection” for the largest cryptocurrency.
Acting as a point of rejection for the moment
At the time of writing, BTC is valued at $26,899, down 0.5% in the last 24 hours.
In the trader’s Altcoin Newsletter, Rekt Capital shares a “short story” about Chainlink’s recent price movements, resulting in a +44% increase 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…”
The analyst notes that although LINK has yet to break out of its overall downtrend, its price is currently in a favorable position to close the week above the trendline.
A successful retest of the downtrend 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.”
Currently, LINK is valued at $7.83, with a 15.6% increase in the past week.
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Featured Image: Shutterstock/NextMarsMedia