A widely followed crypto trader believes that Chainlink (LINK) is paving the way for another move up.
In a new video strategy session, crypto analyst Michaël van de Poppe explains tells According to its 162,000 YouTube subscribers, LINK is showing strength against Bitcoin (LINK/BTC), indicating more upside potential for Chainlink’s USD pair.
“In 2019-2020 we can see that substantial outbreaks were already happening before the crisis [BTC] Halving occurred because in this case Chainlink ran from $1.60 to $5 just before the Bitcoin halving occurred. Now we run from $6 to $18, maybe even towards $20, have a correction and then another run towards the highs [around $35.34]which means you have to see the strength of Chainlink against Bitcoin.”
According to the trader, LINK is turning a key resistance level into support against Bitcoin and will likely see more rallies after the short correction.
“Over the past few weeks we have seen quite a heavy run on Chainlink against Bitcoin… You can see that the trend has shifted on the Bitcoin pair and this has occurred in the previous cycle as well…
When the altcoin moves into a higher timeframe, as we can see here with Chainlink against Bitcoin, that’s a good time to put money back into the altcoin.
In this case we have the retest and we are looking for new highs and we have higher lows and higher highs.”
LINK/BTC is trading at 0.000358 BTC ($14.64) at the time of writing.
Then the trader says that layer-2 blockchain Arbitrum (ARB) indicates a bullish trend reversal against Bitcoin (ARB/BTC).
“Arbitrum, this creates a huge bullish divergence and the indication is that we can start reversing the trend from here.”
ARB/BTC is trading at 0.0000265 BTC ($1.09) at the time of writing.
He also says that Optimism (OP) is likely gearing up for another step in the battle against Bitcoin (OP/BTC).
“[Optimism] simply has a consolidation after the big upswing, a new bullish divergence, and most likely here it completes the entire period of accumulation and a new uptrend begins.
OP/BTC is trading at 0.0000550 BTC ($2.26) at the time of writing.
I
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3
