Bitcoin fell briefly to $ 45.5,000 in the past few hours but rose back above the $ 46.4,000 level, and altcoins posted some short-term gains after that slump. If Bitcoin has indeed hit back the lows of the past few days, a surge to $ 52,000 in the next week could be likely. Many altcoins, including Chainlink, were on the verge of moving above the trendline resistances of the shorter timeframe.
Bitcoin cash [BCH]
Source: BCH / USDT on TradingView
Use of Fibonacci retracement Tool for moving Bitcoin Cash from $ 731.4 to $ 344.1, it can be observed that the price was just below the 23.6% retracement level. BCH was already at his 55 high school (green) and the 21 high school kept moving under the 55 high school on the 4 hour chart.
The USD 418 level remained strong despite several tests of the level, and the OBV has not deteriorated significantly in the past few days either. Buyers were ready and able to push prices higher and a closing price above $ 437.6 could cause BCH to test trendline resistance (white).
Chain link [LINK]
Source: LINK / USDT on TradingView
The $ 18.6 level is high time frame support for Chainlink while the $ 17.5 level is lower time frame support. At the time of writing, LINK was trading on trendline resistance and could either break out and retest the trendline or decline towards 19.2, making a higher low and continuing to rise. the RSI also showed bullish momentum on the hourly chart.
In both scenarios, there is a strong supply zone of $ 20.1 to $ 21.3 that could stall LINK’s upward move. Another resistance stands at $ 23.25.
cosmos [ATOM]
Source: ATOM / USDT on TradingView
ATOM encountered some resistance at the $ 22 mark. It had dipped to $ 20 in the past few days and has found buyers, and turning over $ 22 in support is likely to be a buying opportunity. The price approached the upper band of the Bollinger’s band even than that CMF rose indicating both short-term bullish momentum and buyer intervention.
Beyond $ 22, the next resistance levels are at $ 23.6 and $ 25.2.
Comments are closed.