A prominent crypto analyst and trader is outlining key support levels for Bitcoin, Ethereum, Chainlink and two other crypto assets in the case of a broad correction in the digital asset markets.
In a new strategy session, the trader known in the industry as Altcoin Psycho tells his YouTube subscribers that he’s looking at two main price areas where Bitcoin (BTC) could potentially bounce.
“In this case, [the] previous weekly low ($44,000) should provide a little bit of a short-term bounce. Monthly open (around $41,000) usually provides a really strong bounce in an uptrend if it reaches there.”
Looking at Ethereum (ETH), the trader is highlighting two scenarios where the leading smart contract platform can resume its uptrend after a quick retracement.
“I just have this weird gut feeling that we’re going to see something really weird happen here. Either this level ($2,600) gets front ran, and before people even have a chance to bid that zone, we reverse back up, or I could imagine a scenario where we trap people. So we temporarily trade below here, trap a bunch of late shorters and then send our way back up.”
Next up is decentralized oracle platform Chainlink (LINK). According to the crypto strategist, he’s closely watching the price action of Chainlink for a chance to buy the dip.
“I think this is a great zone ($18.00) to bid for LINK. This is one of the ones that I’m watching… I think this is a good level to bid, and I will be bidding this level myself.”
The fourth coin on Altcoin Psycho’s radar is decentralized exchange protocol THORChain (RUNE). The analyst outlines a support level as well as an invalidation point for RUNE.
“I will plan on bidding this level right here ($8.00). I’m not going to be using leverage or anything crazy like that. If we revisit this horizontal, like the $6.00 or $7.00 mark, I will be cutting the trade, and I will probably be going risk-off.”
Last is Akash Network (AKASH), the decentralized marketplace for computing resources. According to the trader, he has a two to three-year time horizon for his outlook on AKASH.
“The reason that I’m bringing this to your guys’ attention is this is one that I will continue to accumulate if it goes lower. Here’s one of my bid zones ($2.40). I seriously can’t stress enough when I say it’s a long-term investment.”
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Featured Image: Shutterstock/Blindnesssinfluenced/REDPIXEL.PL
A distinguished crypto analyst and dealer is outlining key help ranges for Bitcoin, Ethereum, Chainlink and two different crypto belongings within the case of a broad correction within the digital asset markets.
In a brand new technique session, the dealer recognized within the trade as Altcoin Psycho tells his YouTube subscribers that he’s taking a look at two foremost worth areas the place Bitcoin (BTC) may probably bounce.
“On this case, [the] earlier weekly low ($44,000) ought to present a bit little bit of a short-term bounce. Month-to-month open (round $41,000) normally gives a extremely sturdy bounce in an uptrend if it reaches there.”
Taking a look at Ethereum (ETH), the dealer is highlighting two eventualities the place the main sensible contract platform can resume its uptrend after a fast retracement.
“I simply have this bizarre intestine feeling that we’re going to see one thing actually bizarre occur right here. Both this stage ($2,600) will get entrance ran, and earlier than individuals also have a probability to bid that zone, we reverse again up, or I may think about a state of affairs the place we entice individuals. So we briefly commerce beneath right here, entice a bunch of late shorters after which ship our manner again up.”
Subsequent up is decentralized oracle platform Chainlink (LINK). Based on the crypto strategist, he’s carefully watching the worth motion of Chainlink for an opportunity to purchase the dip.
“I feel it is a nice zone ($18.00) to bid for LINK. This is among the ones that I’m watching… I feel it is a good stage to bid, and I can be bidding this stage myself.”
The fourth coin on Altcoin Psycho’s radar is decentralized alternate protocol THORChain (RUNE). The analyst outlines a help stage in addition to an invalidation level for RUNE.
“I’ll plan on bidding this stage proper right here ($8.00). I’m not going to be utilizing leverage or something loopy like that. If we revisit this horizontal, just like the $6.00 or $7.00 mark, I can be slicing the commerce, and I’ll most likely be going risk-off.”
Final is Akash Community (AKASH), the decentralized market for computing sources. Based on the dealer, he has a two to three-year time horizon for his outlook on AKASH.
“The rationale that I’m bringing this to your guys’ consideration is that is one which I’ll proceed to build up if it goes decrease. Right here’s one in all my bid zones ($2.40). I critically can’t stress sufficient after I say it’s a long-term funding.”
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Disclaimer: Opinions expressed at The Each day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses you could incur are your duty. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please be aware that The Each day Hodl participates in internet online affiliate marketing.
Featured Picture: Shutterstock/Blindnesssinfluenced/REDPIXEL.PL