Crypto Strategist's Problem Alert for Bitcoin and Chainlink, Says BTC Looks Heavy
A crypto strategist known for making timely altcoin calls is warning that corrections are imminent for Bitcoin (BTC) and Chainlink (LINK).
Analyst nicknamed Altcoin Sherpa told his 181,900 Twitter followers that Bitcoin is looking heavy after BTC dropped from around $21,800 to under $20,000 on Friday.
“BTC: I think we will probably go as low as $19,000. It seems like the next logical return point. The price is not strong enough to go up to $23,000 before further dumping. Prices are still fluctuating. I believe $17,000 will come eventually. "
At the time of writing, Bitcoin is changing hands for $20,068, unchanged for the day
Next is the decentralized oracle network Chainlink. According to Altcoin Sherpa, LINK is at risk of losing more than 30% of its value if Bitcoin and Ethereum (ETH) see another corrective move.
“LINK: this has been happening for three months now. Still not sure if this is an accumulation or just a pause before another crash. As with all altcoins, it will depend on BTC/ETH - if they break, this will equate to $4.50. ”& Nbsp;
At the time of writing, Chainlink is trading for $6.53. The Crypto Strategist is also monitoring Ethereum's price action. According to Altcoin Sherpa, Ethereum can still recover its bullish momentum as long as it sustains above the key monthly level of $1,460.
“ETH: these monthly levels are generally holding. Still expecting higher than current price in short term. $1,800 is an important level in my opinion. "
At the time of writing, Ethereum is trading at $1,494.
Aug 29, 2022