Here’s what happens next for Bitcoin, Chainlink and One Ethereum competitor, according to Top Trader
A popular analyst diagnoses the condition of four leading cryptocurrencies as the markets approach the weekend on a cautious footing.
Pseudonymous cryptanalyst Altcoin Sherpa says his 180,000 Twitter followers that if Bitcoin (BTC) can recapture the $ 20,300 range, then he will look at $ 21,600 as the next leg.
Still need to see a recovery of this $ 20,300 region before any further upside [in my opinion].
$ 21,600 would be the next goal. “
Bitcoin is up 3.15% over the last 24 hours at the time of writing, changing hands for $ 20,207.
The analyst then looks at the decentralized oracle network Chainlink (LINK), remarks LINK’s current sideways price action is probably a sign that investors are recharging their bags in anticipation of a future rally.
“I think this looks like it’s piling up for me personally. I think this will continue to pick up around the next few weeks before a move up.
The strength of the next move up will depend on how long it accumulates – the longer the cut, the stronger the move. “
Chainlink is also in the green, up 1.55% on the day and trades for $ 6.25.
Proceeds to layer-1 blockchain protocol Solana (SOL), Altcoin Sherpa sier that after several weeks of negative price action, SOL must establish a bottom and take a step towards the upside.
«Bounce or die spot; my stops are on break-even.
Has already taken off 1/3. »
At the time of writing, Solana is up over 6% on the last day and changed hands for $ 35.95.
The chart guru concludes his analysis by looking at the leading smart contract platform Ethereum (ETH) on the ETH / BTC trading pair. While he is still bearish at ETH, he says that the 200-day exponential moving average (EMA) of 0.07008 BTC (or $ 1,416) appears to be the resistance ceiling.
«Higher timeframe charts still do not look good; lower time frames show that the 200-day EMA acts as resistance again.
The trend is still bearish until something else appears [in my opinion]. “
Ethereum is currently worth 0.059637 BTC, or $ 1,142.
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Featured image: Shutterstock / NextMarsMedia
