A few weeks have passed for the cryptocurrency market, with Bitcoin plummeting from a recent high of $ 10,500 to $ 8,400, causing most major altcoins to experience a sharp decline.
However, there is one cryptocurrency that has been able to rise in price under this market-wide selling pressure, which is LINK when it sets a new ATH level against its Bitcoin trading pair.
This strong uptrend has led a leading analyst to note that the strength of LINK / BTC is likely to result in significantly higher prices than the USD in the coming days and weeks.
Bitcoin is still stuck under $ 9,000
After generating a brief rally to a high of $ 8,950 this morning, Bitcoin faced a rapid rejection at this level that then caused the price to plummet to $ 8,700 – that's where It has been fluctuating for the past few days.
The early morning rally took place in parallel with the boom of Gold and the global stock market, with price action seemingly continuing to confirm the state of the cryptocurrency as a risky investment.
The recent denial also confirms that the cryptocurrency is currently weak and may suggest that it will witness further declines before finding enough support to catalyze a sustained uptrend.
TraderXO analyst explained in a recent tweet that BTC may see some price increases in the near future, but will eventually drop to as low as $ 7,900.
"BTC – set swing short. Will enter when rejected. "
$ BTC – swing short setup
Will enter on the rejection pic.twitter.com/Aqm07ad2pD
– TraderXO (@ TraderX0X0) March 3, 2020
LINK can set up a new ATH despite the weakening Bitcoin
LINK's crazy rally seen during 2019 and 2020 slowed last week before markets faced a strong sell-off, but it was able to significantly outperform BTC and is currently is attacking the previously set ATH level.
Crypto Michaël explained in a recent tweet that a break above $ 4.30 could make a quick spike to or surpass the previous ATH level at $ 4.80.
"Checking the highs here. A breakout of $ 4.30 will be able to test $ 4.60-4.70. "
And testing the highs here.
Breakout of $ 4.30 should induce a test of the $ 4.60-4.70 level next. pic.twitter.com/LJP2ZOhX47
– Crypto Michaël (@CryptoMichNL) March 3, 2020
As the LINK price is currently increasing by more than 10% and trading at $ 4.67 at the time of writing despite Bitcoin currently faltering, it seems that the power of altcoin will soon lead it significantly higher.
LINK technical analysis
LINK / USD
LINK increased by 27.48% in the past four days suggesting that altcoins continue to act as an exception when compared to the recent performance of other cryptocurrencies. This strong rebound from the lows of $ 3.30 to $ 4.79, currently LINK has come close to its all-time highs at $ 4.86.
Unlike BTC, the volume of LINK trading has shown that traders are eager to buy dips and candles for the past 3 days clearly showing that a strong reversal has occurred.
In the daily time frame, MACD shows a bull cross between the MACD and the signal line and the chart has recently appeared above zero, a pretty convincing move as the altcoin has increased by 26.57% since March 2. .
The RSI also continues to expand further into bullish territory, currently at 66.
LINK USDT daily. Source: TradingView
As seen on February 16 and February 19, LINK struggled to push up above $ 4.86 but the longer wicks in the previous two times suggest traders were taking profits when it became overbought. . The present shows a candle with a shorter shadow, strong volume, and the MACD and RSI are rising sharply but none of them are overbought.
Which means that around this time, LINK could surpass the previous ATH level of $ 4.86 and continue to explore prices.
LINK USDT 6-hour chart. Source: TradingView
On a shorter time frame, we can see LINK gaining after overcoming the neckline of the inverse head and shoulders pattern on March 3 and the current setup and trading volume suggest that the round Current boost is still strong.
If for some reason the market gets worse and the LINK price is pulled back, there is a lot of basic support at $ 4.42, $ 4.31 and $ 4.11. Below $ 4.11, the previous price rebounded at a 50% Fib retracement level ($ 3.27) 4 times, most recently on February 26.
LINK / BTC
LINK is also showing significant strength in its BTC pair and is currently up 22.60% since the beginning of March and 48.9% since the extended market correction occurred last week (February 26). .
The MACD has been pulled up above the signal line and the chart shows an upward momentum as traders buy dips each time they decline. Similar to the USD pair, the RSI is also in the bullish territory, currently at 72.
LINK BTC daily. Source: TradingView
We can see that simply observing the MA 12 and 26 points will provide enough signals for the LINK / BTC pair and the price is currently on both these lines.
At the time of writing LINK / BTC is pushing up the new ATH level and traders who are considering profit taking should pay attention to the volume purchased on the shorter time frame, along with the 12-EMA as prices have moved along this MA on each. previous protests.
LINK BTC 6-hour chart. Source: TradingView
In the case of a pullback price, firstly, traders can look at the 12-MA and the Fibonacci 23.6% (0.00047) and below this level is 0.00046 – 0.00043 Satoshis with 2 volume buttons high on VPVR.
The bottom of this range (0.00043 Sts) also combined with the double bottom on March 2, marking the beginning of the current bullish reversal.
The current ascending trendline on the 6-hour chart also moves along with the 12 MAs, so LINK / BTC may be able to see some gains in the short term (RSI starts to rise at 75), the trend Increase remains as long as the price holds above 0.0005 sts.
You can see the price LINK here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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