Top Trader forecasts impending rally for Bitcoin, Chainlink (LINK) and one of Ethereum’s biggest rivals
A closely followed crypto trader known for calling moves in the altcoin market says Bitcoin (BTC) and two other digital assets are poised for a rally this week.
The pseudonymous analyst known as Kaleo tells his 538,000 Twitter followers that Bitcoin is about to break out and target the $22,700 area.
“Little accumulation at the top of the support after the breakout.
Should see another leg higher to $22,700 or so soon – probably a bit around $22,000 along the way.”
At the time of writing, Bitcoin is trading at $20,853, down 1.49% on the day.
Looking at the altcoin market, Kaleo is looking at the decentralized oracle network Chainlink (LINK) for potential gains. According to the trader, anything under $10 per token is big trade.
“The accumulation basis for the LINK/USD chart is so clean – while I attribute the breakout of high timeframe resistance to BTC moving more than anything else, I still wouldn’t fade it.
Those kinds of moves are usually the precursors to the BTC pair going over.
LINK under $10 feels criminal.”
The popular analyst also says that Chainlink’s Bitcoin pair (LINK/BTC) has consolidated above a critical resistance, suggesting that LINK is set to significantly outperform Bitcoin.
“LINK/BTC continues to slowly grind higher accumulating *above* high timeframe resistance.
Probably nothing.”
At the time of writing, LINK is trading hands at $8.22, down 4.74% in the last 24 hours.
Kaleo also has its eye on a prominent Ethereum (ETH) challenger. The trader says that Avalanche (AVAX) is preparing for massive rally near the $60 level, about 223% away from today’s prices.
Caleo says that AVAX has just broken through the diagonal resistance line depicted in the chart above and is now on its way to its price target, first stopped at around $30.
At the time of writing, AVAX is trading at $18.45, down 4.52% on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Sensvector/delcarmat
