Crypto strategist issues alerts for Bitcoin and Chainlink, says BTC Looking Heavy
A crypto strategist known for making timely altcoin calls is warning that corrections are imminent for Bitcoin (BTC) and Chainlink (LINK).
Pseudonymous analyst Altcoin Sherpa says his 181,900 Twitter followers that Bitcoin is looking heavy after BTC retreated from about $21,800 to below $20,000 on Friday.
“BTC: I think we’re probably going to go to the low $19,000s. That seems like the next logical jumping off point. Price didn’t have the strength to get up to $23,000 before dumping further. The price is still moving. I think that $17,000 is going to come to an end.”
At the time of writing, Bitcoin is changing hands for $20,068, flat on the day.
Next up is decentralized oracle network Chainlink. According to Altcoin Sherpa, LINK is at risk of losing over 30% of its value if Bitcoin and Ethereum (ETH) witness another corrective move.
“LINK: this has been going on for three months now. Still not sure if this is accumulation or just pausing before another crash. As with all altcoins, it’s going to depend on BTC/ETH – if they crash, this will be $4 .50.”
At the time of writing, Chainlink is trading hands for $6.53.
The crypto strategist also follows the price action of Ethereum. According to Altcoin Sherpa, Ethereum can still recover its bullish momentum as long as it stays above the key monthly level of $1,460.
“ETH: These monthly levels are still holding overall. Still expecting higher than today’s prices in the short term. $1800 is a key level in my opinion.”
At the time of writing, Ethereum is trading at $1,494.
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Featured Image: Shutterstock/Andy Chipus/prodigital art/Salamahin
