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URL: https://dailyhodl.com/2023/08/01/crypto-analyst-warns-chainlink-positioning-for-downside-move-updates-outlook-on-bitco...
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CRYPTO ANALYST WARNS CHAINLINK POSITIONING FOR DOWNSIDE MOVE, UPDATES OUTLOOK ON
BITCOIN AND DOGECOIN

by Daily Hodl Staff
August 1, 2023
in Altcoins, Bitcoin, Trading





A widely followed crypto strategist warns that the decentralized oracle network
Chainlink (LINK) could witness a significant move to the downside.

Pseudonymous analyst Rekt Capital tells his 348,800 Twitter followers that
Chainlink now looks bearish after failing to take out its macro downtrend
resistance.



“The most recent LINK downside means that the price is positioning itself for a
weekly close below the macro downtrend, postponing the breakout.” 

Source: Rekt Capital/Twitter

According to the crypto analyst, the failed breakout suggests that LINK is still
range bound, and in a worst-case scenario, Chainlink could correct all the way
down to $6.13, representing a 16% retracement from current prices.

“The worst-case scenario for LINK if its monthly closes below the black range
high resistance?

A drop into the range low support at $6.13 as part of its range-bound
consolidation within the black-black range.”

Source: Rekt Capital/Twitter

At time of writing, LINK is worth $7.57, below Rekt Capital’s range high
resistance on the monthly timeframe.

Looking at Bitcoin (BTC), the analyst says that the crypto king lost its bullish
market structure on the weekly chart after breaking below its higher low setup
at $29,500. However, Rekt Capital says that BTC is still managing to stay above
its horizontal support at $29,245.

“It showcases the lost higher low and how ($29,245) is currently holding
price.” 

Source: Rekt Capital/Twitter

At time of writing, BTC is worth $29,290.

As for Dogecoin (DOGE), the trader says the top memecoin is currently respecting
its diagonal resistance at $0.081.

“DOGE currently at pattern resistance.”

Source: Rekt Capital/Twitter

At time of writing, Doge is trading for $0.078.

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Bitcoin
$29,243.84
$29,243.84
0.29%

Ethereum
$1,846.23
$1,846.23
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Cardano
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XRP
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Dogecoin
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