Crypto analyst and strategist Bluntz stated that decentralized oracle network Chainlink (LINK) is ready to make a significant move against Bitcoin (BTC), the king of altcoins Ethereum (ETH), and the US dollar. The analyst also believes that there could be a 40% or even higher increase if the $2,050 resistance level is crossed in ETH.
Continuation Pattern in Chainlink’s (LINK) Price Chart: Bullish Flag
Anonymous crypto analyst and strategist Bluntz reported that Chainlink has formed a continuation pattern in the BTC, ETH, and USD pairs. According to the analyst, the price movement of LINK stands out in the midst of the overall stagnant crypto market:
I was having a hard time finding something good in this downtrend for a while, but LINK finally started to look promising with a potential bullish flag breakout not only in the USD pair but also in the BTC and ETH pairs.
At the time of writing, LINK is trading at $7.63, very close to the diagonal resistance level, with a 2.48% increase in the last 24 hours and a market capitalization of $4.10 billion in the USD pair.
40% Sharp Rise in ETH Depends on $2,050
Bluntz also evaluated the current outlook for the altcoin king Ethereum. The analyst stated that ETH’s price movement reflects the market structure at the beginning of 2019 when it largely rose after breaking out of Bitcoin’s ascending triangle formation. According to the analyst, if Ethereum surpasses the $2,050 resistance level, it will likely experience a parabolic rise:
If ETH finally breaks above the $2,050 level, it will be the moment when the floodgates open. There won’t be any ‘retests’, only a 40% green candle on the weekly timeframe. In my opinion, this is not an ‘if’ but a ‘when’ situation. The only thing we need to do here is to survive the current downtrend. The breakout candle from $2,050 in ETH will likely be a bottoming candle for ETH/BTC.
At the time of writing, ETH is trading at $1,850 with a 0.37% decrease in the last 24 hours. Data shows that ETH has gained 0.75% in the last 7 days and lost 0.38% in the last 30 days.
