As the larger crypto markets continue to surge, a well-known crypto trader and analyst is laying out his predictions for Bitcoin, Ethereum, and Chainlink.
Pentoshi, a pseudonymous crypto analyst, tells his 202,700 Twitter followers that he’s keeping a careful eye on Bitcoin (BTC), which is poised to break through previous resistance at $40,000 and move into support.
If Bitcoin price can rise over these range highs in the previous several days, he believes we need to reach to $43,000 before coming back down to confirm as support. People who were short at previous range highs are now short at range lows. What difference does it make? Because if price breaks out over the range, those are the people who will backfill with intent/limit orders, flipping the market to support.
Although Pentoshi believes that a positive continuation is possible, the trader believes that Bitcoin bulls face a difficult challenge ahead of them as BTC approaches a key resistance point.
BTC. Okay this makes more sense now, flirting with the downtrend line from all-time highs.
When it comes to Ethereum (ETH), the crypto expert predicts that the main smart contract platform will jump to $2,881 if it can stay above support at $2,325.
ETH. This range was back tested as support this morning, so we can look to play it for now. The market is breaking through resistances; the only thing to look out for is a return to previous ranges.
Pentoshi anticipates Chainlink (LINK), a decentralised oracle network, will convert past resistance at $21 into support and then ascend to as high as $32.
LINK is the more recent one since I haven’t played alts in 2 months, but you’re out of your mind if I’ll not have some exposure leading into their SmartCon in the next 6-8 days at the very least.”