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Top-Performing Ethereum Coin Just Plunged 65% in 48 Hours

  • It’s been a slow past few weeks for Ethereum and the decentralized finance space.
  • After peaking a number of weeks ago, a number of top coins pertaining to this space have dropped off dramatically.
  • One such coin, which was subject to a recent parabolic explosion, has undergone a strong retracement over the past two days.
  • The Ethereum-based coin, known as MEME, has dropped around 70% from its all-time high price set just two days ago.
  • The coin is the native token of the Meme project, which is a platform where users can mint and transfer digital trading cards.
  • A debate is still raging over the project and if it has long-term staying power.

Ethereum Coin MEME Plunges 65% In Two Days

If you have been following Ethereum’s DeFi space over recent days, you likely know of a coin called MEME. The coin, launched just weeks ago as a free airdrop to 50 or so individuals, surged as high as $2,000 under 48 hours ago as buying pressure flooded in from across the industry.

This buying pressure is depicted in the chart below, which shows how the coin rallied around 1,000% in the span of seven days.

Unfortunately for its holders, MEME has declined as fast as it came up.

The coin now trades at $700 as of this article’s writing, nearly 70% below the all-time highs it just recently set. Those that recieved the airdrop still own coins worth hundreds of thousands of dollars, but that’s far below the highs it just set.

The drop comes after a parabolic explosion in the non-fungible tokens market, where users can sell unique pieces of digital art for Ethereum or other coins. MEME is crucial to the NFT market because it is where users can generate and transact some popular art pieces/trading cards.

The collapse of this Ethereum-based token may suggest that NFTs are in decline after their parabolic rally.

Are NFTs Here to Stay?

Many have been left wondering if NFTs are here to stay in the longer run. After all, at least in their current iteration, NFTs are only used to represent jpgs and gifs that can technically be copied by anyone.

Anthony Pompliano, co-founder of Morgan Creek Digital, though, thinks that digital art is here to stay:

“This transition to a digital art world is not a question of if it will happen, but rather when. In fact, I personally believe that the digital art market cap will grow to become larger than the physical art market cap. This may sound ridiculous today, especially since the digital art market cap is less than $10 million and the traditional art market is more than $60 billion, but this is exactly what disruption looks like… My confidence level that we see a future 6,000x increase in the digital art market cap is fairly high though.”

Whether or not all this value will accrue to Ethereum and its tokens, though, remains to be seen.

Source: Bitcoininst

These 4 Trends Show That Bitcoin’s Likely to Move Higher After 20% Drop

  • Bitcoin is technically in no man’s land a number of analysts have said after the crypto’s recent drop.
  • The cryptocurrency, in fact, is below the $11,000 resistance, where BTC was rejected last week.
  • Bitcoin is also above the support of the low-$10,000s, where a number of bounces have taken place over recent weeks.
  • Four key market data points suggest that BTC will soon resume its ascent, though.
  • There are also on-chain trends observed by a number of analysts that suggest Bitcoin’s prevailing trend is a bullish one.

The 4 Reasons Why Bitcoin May Continue Its Upward Ascent Soon

Since peaking at $12,500 late last month, the leading cryptocurrency has traded in a steep downtrend. The coin remains down $2,000 below those highs despite already bouncing by around $700 from local lows.

There are crucial market data points, though, that suggest that Bitcoin will continue its ascent in the near future. A crypto technician recently outlined these reasons in a Twitter thread:

  • Bitcoin’s Fear and Greed Index has dropped to a level of “Fear” after reaching extremely high levels of greed in August. The index is calculated through a variety of data sets, including market sentiment, volume, social media trends, and more. Analysts think that this works as a sort-of counter-indicator, reaching levels of Extreme Greed when a top is near and vice-versa.
  • Bitcoin is currently trading in backwardation, meaning that the price of futures for this market is below the actual spot price. According to the chart below, periods of backwardation are often seen prior to the cryptocurrency rallying higher.
  • The funding rates of BTC futures markets are currently in the red or at neutral levels. This is similar to the last point in that whenever they are in the red or neutral, rallies are to be expected.
  • There is a cluster of Bitcoin short liquidation levels above BTC’s current price, which the market will likely gravitate towards in the near to medium term.

On-Chain Data Agrees With This

On-chain data agrees with the bullish sentiment shared  by the aforementioned trader.

Willy Woo, a prominent on-chain analyst, recently commented:

“Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards. It’s very unlikely we’ll see any kind of a catastrophic dump in price from here.”

Other on-chain trends such as the strength of Bitcoin miners, measured through the hash rate and network difficulty, also suggest a macro bullish backdrop to cryptocurrencies.

Source: Bitcoininst

After 50% Drop, Chainlink (LINK) Is Reaching a Do or Die Technical Level

  • Chainlink has plunged since setting highers in August.
  • The coin now trades at around $8.50 as of this article’s writing, far below the all-time highs set at $20.
  • The cryptocurrency’s correction comes after leading altcoins underwent a strong plunge after Ethereum fell through key supports.
  • Chainlink could be vulnerable to an even deeper drop as the crypto approaches pivotal technical levels.
  • One trader noted that if LINK will bounce, it will find some support around now.
  • This bearish assertion comes as a number of other analysts have said Chainlink is likely bottoming on a macro time frame.

Chainlink Is Poised to Drop Even Further If This Level Is Lost

One crypto trader thinks that if Chainlink (LINK) slips any lower after dropping over 50% from its all-time high, a strong drop could ensue. He shared the chart below just recently, noting that the cryptocurrency is currently running up against a crucial level of support that marked the highs of a rally in July.

The historical importance of that level suggests that if LINK loses it as support, a strong correction will follow.

“Yikes. If there’s any short-term saving grace for Chainlink, it’s here imo. A bounce towards $9.50-10 is reasonable.”

 

This was echoed by another market commentator who noted that the cryptocurrency is coming up against a “giga” support level that should hold or else things will get “ugly” for the coin.

“Chainlink at absolute Gigasupport. Link marines have an opportunity to save LINK from the giga nuking. Below $8.50 would probably get pretty ugly, as everyone from the last month and a half would be underwater…”


Source: Bitcoininst

3 Crucial Reasons Why Bitcoin Could Fall Below $10K This Fall

Bitcoin faces the prospects of breaking below $10,000 after failing to extend a rally that pushed its price up by 70 percent earlier this year.

Here are the top three risks the cryptocurrency is facing as it heads towards the fourth and final quarter of 2020, according to the latest fractals and multiple observations.

#1 Another US Equity Selloff; Bitcoin Correlation

One of the main reasons Bitcoin faces the risks of falling in the coming sessions is the equity market. The cryptocurrency earlier traded higher when the US stocks were doing the same. It also fell alongside the top Wall Street indexes: the S&P 500, the Dow Jones, the Nasdaq Composite.

That made the US equity market an excellent barometer to gauge Bitcoin market sentiments. Even recently, the downside correction in the seemingly overbought tech stocks laggingly coincided with a similar plunge across the cryptocurrency index.

Charles Edwards, the head of the crypto-focused Capriole Fund, recognized the correlation in his Wednesday tweet, stating that uncertainty in risk-off markets is keeping Bitcoin from hitting new higher levels.

A move into cash is the likely outcome. The same had happened during the March 2020’s infamous global market rout, wherein Bitcoin and stocks crashed in tandem but the US dollar grew as investors treated it as their safest haven.

If the scenario repeats, then it will put further bearish pressure on Bitcoin. That would lead the cryptocurrency to lower below $10,000.

#2 Delay in Second Stimulus Check

As stated above, a strengthening US dollar could put further downside pressure on Bitcoin. Analysts believe that the greenback might extend its recovery after crashing to its 27-month nadir in late-August. Part of the reason is an ongoing delay in the second coronavirus stimulus package.

The Democrats and the Republicans are at a standoff over the size of the next financial aid to American households, businesses, and individuals battered by the COVID-19 pandemic. Both are still $1 trillion apart in their spending plans, raising worries among investors about a resolution anytime earlier.

Meanwhile, the delay in the stimulus check is prompting Americans to save more and spend less. As the flow of the US dollar becomes more viscous, it also reduces the demand for other assets. That serves as one reason behind the recent selloff in gold, stock, and even Bitcoin markets.

The dollar expects to grow more as the COVID cases rise in the US and stall the economic recovery. Overall, it might be bad for Bitcoin.

#3 US Presidential Election 2020

While nobody knows who is winning the US Presidential election in 2020, the uncertainty surrounding the outcome could leave the financial markets in a volatile state.

Gavin Smith, the chief executive of the cryptocurrency firm Panxora, discussed the possibility of elections causing political turmoil. He noted that such a scenario could lead the equities lower, which, in turn, affect Bitcoin and its ability to hold $10,000 as its support.

“The danger to the crypto market is much the same as we saw in March,” Smith said. “If you get that big sell-off in risk assets, there will be that liquidation of bitcoin.”

Simultaneously, the cryptocurrency expects to revive its bullish bias after the US presidential race ends. That is due to an improving long-term fundamental backdrop led by quantitative easing, lower interest rates, and poor bond yields.

Source: Bitcoininst

Bloomberg: Bitcoin “Should Be A Primary Beneficiary” Post Pandemic

“Bitcoin is the answer” is a phrase that’s thrown around regularly both in a serious and comical manner all across the crypto community. But in a future where there is limited potential upside in equities and bonds, the cryptocurrency could very well be the solution to further wealth accumulation.

That’s exactly what a Bloomberg Intelligence Senior Commodity Strategist claims, offering a chart with Bitcoin “juxtaposed” versus quantitative easing to back up the theory. Here’s what this means for the leading cryptocurrency and why this stamp of approval is so significant.

The Cryptocurrency’s Rise From Tech To Finance

Bitcoin’s story as a financial asset is unlike any other’s. The cryptocurrency started out essentially as an experiment that by chance took hold. The asset started off the focus of tech enthusiasts and cypherpunks toying with the future of digital money, with added attention to privacy and anonymity. This anonymity is so crucial to the coin’s core, even the asset’s creator is still to this day unknown.

From there, its use in commerce took footing on the dark web, in the Silk Road marketplace. Without real-world adoption like that or the early days of trading 10,000 BTC for two pizzas, the cryptocurrency may not have made it to $20,000 in 2017.

RELATED READING | CAN BITCOIN FIX WHAT TOP ECONOMISTS SAY CENTRAL BANKS CANNOT SOLVE?

During that time, the cryptocurrency became a household name, and retail investors FOMOed into the asset hoping to strike it rich. But reality set in, Bitcoin wasn’t yet ready for prime time, and the bubble popped.

Time has passed, and a new market cycle could be beginning. The conditions for the cryptocurrency to rise in value almost seem too perfect to be true.

The asset’s hard-capped, finite supply of just 21 million BTC gives in an advantage over nearly every other asset on the face of the planet.

Bloomberg Intelligence: Bitcoin To Benefit From Limited Upside in Equities and Bonds

Its also why Bitcoin is potentially positioned to be one of the only assets with further potential upside, in an economic environment where financial upside everywhere else is “limited,” according to a Senior Bloomberg Commodity Strategist.

Bloomberg Intelligence’s Mike McGlone has revealed a chart on Twitter with Bitcoin’s price and supply “juxtaposed” versus quantitative easing. McGlone says that the chart demonstrates how Bitcoin’s fixed supply “should” make the cryptocurrency a “primary beneficiary in a period of limited potential further upside in equity and bond prices.”

RELATED READING | OWNING BITCOIN “IS A MUST” SAYS PRICE OF TOMORROW AUTHOR, JEFF BOOTH

Essentially, McGlone and the rest of Bloomberg Intelligence expect the rest of the financial space to suffer in the years to come due to out of control quantitative easing. At the same time, Bitcoin’s digital scarcity keeps it appreciating in value over the long-term.

In the post-pandemic future where the economy is frail, dollars are abundant, and money is harder to come by, Bitcoin may be the answer, and the likes of Bloomberg Intelligence and other big names are finally starting to realize this.

Source: Bitcoininst

Chainlink Price Analysis: LINK Seeks Support After Losing 27% Weekly

  • Chainlink has now dropped by a total of 27% over the past week as it crashes beneath $9.00 today.
  • The coin is trading at support at the July high-day closing price as the bulls attempt to stall the downtrend.
  • Against Bitcoin, LINK has fallen into the support at the .618 Fib Retracement at 0.000826 BTC.

LINK/USD – Bearish Momentum Reaches Oversold Conditions

Key Support Levels: $8.67, $8.05, $7.66.
Key Resistance Levels: $9, $10, $10.40.

Five days ago, LINK penetrated beneath crucial support at the $10.40 level (downside 1.618 Fib Extension), which stalled the market decline during the early September price fall. Since then, LINK broke below $10 and continued down until it found support yesterday at the $8.67 level – the July high-day closing price.

LINK had spiked lower toward $8.20 yesterday, but the bulls recovered to allow the daily candle to close above the aforementioned support at $8.67.

With LINK creating another fresh low for September yesterday, it does seem like the buyers have left the market. If the sellers push beneath the $8.00 level, LINK can be expected to continue much lower until support is met around $6.00.

linkusd-sep22
LINK/USD Daily Chart. Source: TradingView

LINK-USD Short Term Price Prediction

If the sellers push beneath $8.67, the first level of support lies at $8.05 (downside 1.414 Fib Extension). This is followed by support at $7.66 (.886 Fib Retracement), $7.00 (July support), and $6.60 (downside 1.618 Fib Extension). The last level of support to highlight lies at $6.00 as the rising trend is located here.

On the other side, resistance first lies at $9.00. Beyond this, additional resistance is found at $10, $10.40, $11.90 (bearish .382 Fib Retracement), and $13 (bearish .5 Fib Retracement).

The RSI has finally reached extremely oversold conditions and has bounced slightly. This could suggest the sellers are overextended and might take a break from their bearish activity. Additionally, the Stochastic RSI is in the process of producing a bullish crossover signal.

LINK/BTC – Sellers Break 3-Month Rising Trend Line

Key Support Levels: 0.000826 BTC, 0.0008 BTC, 0.000756 BTC.
Key Resistance Levels: 0.0009 BTC, 0.00094 BTC, 0.001 BTC.

Likewise, the sellers are in control of LINK/BTC. A few days ago, the bears pushed LINK into the support at 0.000917 BTC (downside 1.618 Fib Extension). This level of support was further bolstered by a 3-month old rising trend line.

Unfortunately, the buyers could not defend this support as LINK penetrated beneath the trend line and continued lower until it reached the support at 0.000826 BTC (.618 Fib Retracement).

linkbtc-sep22
LINK/BTC Daily Chart. Source: TradingView

LINK-BTC Short Term Price Prediction

Looking ahead, if the support at 0.00826 BTC breaks, support can be found at 0.0008 BTC (downside 1.272 Fib Extension), 0.000756 BTC (downside 1.414 Fib Extension), and 0.0007 BTC.

On the other side, the first level of resistance lies at 0.0009 BTC. This is followed by resistance at 0.000943 BTC and 0.001 BTC.

The RSI has also reached extremely oversold conditions here and the Stochastic RSI is also about to produce a bullish crossover signal.

The post Chainlink Price Analysis: LINK Seeks Support After Losing 27% Weekly appeared first on CryptoPotato.

Source: Crypto Potato

These 3 Technical Signs Show Bitcoin Could Soon Reverse Lower

  • Bitcoin has surged higher since bottoming last week under $10,000.
  • The coin now trades for $10,850, slightly shy of the local highs at $11,150.
  • BTC seemingly remains in a bull trend as it holds above the pivotal $10,500 support.
  • $10,500 has long been an important level for Bitcoin, acting as a point at which three separate rallies have topped over the past year.
  • Despite the price action, three technical signs show that a near-term reversal is likely.
  • The reversal will likely drive the cryptocurrency towards the low-$10,000s once again.
  • Most assert that Bitcoin remains in a long-term bull trend, though, citing technical and fundamental trends.

Bitcoin Could Soon Reverse to the Downside for These 3 Reasons

Bitcoin is primed to reverse to the downside despite managing to push from last week’s lows at $9,800 to $10,850 now. The cryptocurrency is printing a series of technical signals that suggest it will soon fall, rather than rally as some have expected.

One trader recently identified these signals and shared them. They are as follows: 

  • Bitcoin’s one-day Tom Demark Sequential has formed a “sell 9” candle. These candles are often seen when an asset is poised to reverse to the downside as “9” candles mark the end of a trend or an inflection point in a trend.
  • BTC has flipped the pivotal supports in the $11,000 range into resistances with a confirmed rejection.
  • Hidden bearish divergences have formed between BTC’s price action and the Fisher Transform and Stoch RSI.

Image

Chart of BTC's price action over the past few weeks with analysis by crypto trader Crypto Hamster (@Cryptohamsterio on Twitter). Chart from TradingView.com

BTC also has a higher chance of dropping due to ongoing trends in the legacy market.

The U.S. dollar rallied on Thursday after sinking for a number of days. This rally in the price of the world’s reserve currency has suppressed markets, from stock and commodities to cryptocurrencies like Bitcoin.

Fundamental Trends Remain Positive

The fundamentals of Bitcoin remain decisively positive.

The Federal Reserve recently released the following statement, committing to easy monetary policy for the months ahead:

“The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency mortgage-backed securities at least at the current pace to sustain smooth market functioning and help foster accommodative financial conditions.”

Investors in the space from Arthur Hayes of BitMEX and Dan Morehead of Pantera Capital to Raoul Pal of Real Vision and retail investors think that this trend of stimulus will only drive BTC higher.

Source: Bitcoininst

Mysterious “Bitcoin Man” Gives Away BCH Around Bakersfield, California

Few things are better in life than free money. One of those things is free Bitcoin, and that’s exactly what residents of Bakersfield, California are getting thanks to a mysterious “Bitcoin Man.” Or are they? 

Is this some type of marketing stunt, a billionaire giving back, or something else?

Bitcoin Cash Man Gives Away $1,000 in BCH To Randoms Who Scan A QR Code

Bakersfield residents have begun to notice a series of stickers pasted all over the city – on subways, or on posts and poles along the sidewalk These stickers have a QR code, that if scanned, immediately sends the user a sum of Bitcoin Cash.

“I called the news and then I sent the bitcoin app for their contact information and email saying hey I just got this weird payment. I scanned it on a pole which is kind of sketchy,” said Indiana London, a local resident, according to a NBC affiliate news station.

This mysterious, self-proclaimed “Bitcoin Man” operates through a public Instagram account where they claim to be giving away “$1,000 in Bitcoin Cash” that’s hidden in “plane [sic] sight.”

RELATED READING | BCH SETS ALL-TIME LOW AGAINST BTC — AND ANALYSTS ARE STILL BEARISH

The stunt appears to be a promotion put together by Bitcoin.com to raise interest surrounding its wallet services and Bitcoin Cash. Backers of Bitcoin Cash believe it to be the superior version of the first-ever cryptocurrency, hence why the person behind the scavenger hunt calls himself the “Bitcoin Man,” rather than “Bitcoin Cash Man.”

Users who are lucky enough to stumble upon one of these QR codes will receive BCH, not BTC, regardless of the claims of giving away Bitcoin.

bchusd bitcoin cash

BCHUSD Weekly | Source: TradingView

Bakersfield Residents Stumble Upon Free Crypto Scavenger Hunt, Remain Skeptical

Regardless of anyone’s personal choice between BTC and BCH, free cryptocurrency is free cryptocurrency, and residents of Bakersfield can claim a piece of the $1,000 pie.

Still, those who have learned of the scavenger hunt either by seeing it in person or through the local news, are skeptical, and rightfully so. The cryptocurrency market has been at the center of several high profile scams recently that mainstream audiences could have caught wind of.

RELATED READING | EVERYTHING YOU NEED TO KNOW ABOUT THE CRYPTO SCAM BEHIND TWITTER HACKS

People have also been conditioned to be leery of anything that appears to be too good to be true, especially when there doesn’t seem to be a catch involved.

But the catch here is simply to spread Bitcoin Cash (BCH) awareness and onboard users to the Bitcoin.com wallet service, which is perfectly harmless marketing and promotional efforts from the company behind the Roger Ver-led website.

It’s working too, as its already taken off on social media and has reached the airwaves on local news channels. Whether or not this leads to adoption of Bitcoin Cash is another story, but it’s a fun promotional idea nonetheless that certainly has non-crypto users talking.

Source: Bitcoininst

Kiss’ Gene Simmons Tweets Cryptic Message About His Bitcoin Plans

Rock band Kiss’ lead singer Gene Simmons has tweeted a cryptic message about bitcoin in response to a discussion on making cryptocurrency accessible to the masses. Simmons previously said he was interested in bitcoin, noting that its price goes up every time people think it’s dead.

Gene Simmons’ Bitcoin Tweet

Gene Simmons is an Israeli-born American musician, singer, songwriter, actor, and producer. He was the frontman, bassist and co-lead singer of Kiss, the rock band he co-founded with lead singer and guitarist Paul Stanley. According to IMDB, Simmons has appeared in films and TV 116 times.

He caught the attention of the crypto community on Tuesday when he tweeted a cryptic message in response to a thread about making bitcoin and ether accessible to the masses. Gemini cryptocurrency exchange founder Cameron Winklevoss started the thread by tweeting: “Technology won’t end racism. But it can remove bias from some interactions.” He added: “This is why I love Bitcoin and crypto. It’s permissionless. It’s unbiased. Math doesn’t care about the color of your skin, gender, orientation, etc.”

After multiple tweets on the subject, the exchange founder admitted that “getting people into this new system is the biggest challenge we face as an industry … It’s easier to buy bitcoin and ether if you are already in the old system. If you don’t have a bank account, it’s hard to get funds into crypto. We need to change this.” Simmons, who has 896.4K followers on Twitter, responded with a short tweet that reads: “I will. I am.” At the time of writing, his tweet has been liked 1.4K times.

While many people saw Simmons’ tweet as bullish, expecting mass adoption to follow, several asked him for an explanation of what he plans to do. Some tweeted asking when the Kiss coin would come out, while others speculate that he has a plan to boost bitcoin adoption. However, Simmons did not clarify further on the subject.

Other comments flooded the thread with suggestions of how the mass adoption of bitcoin can be achieved, such as installing more bitcoin ATMs. Some mentioned existing services that try to make it easier for everyone to get into bitcoin, such as Cash App.

Tuesday was not the first time the famous rock singer talked about bitcoin. In September 2017, he told The Street in an interview that he was interested in bitcoin. While emphasizing that he preferred to be diversified with his investments, the former Kiss lead singer told the publication:

I am interested in bitcoin, but only as a piece of the (investment) puzzle.

When asked whether he would follow in the footsteps of other celebrities — such as Paris Hilton and Floyd Mayweather — and attach his name to bitcoin, he “left the door open,” the news outlet conveyed. He also responded to a question about the possibility of launching his own coin, which was the hype at the time of the interview. “Kiss coins? Sure, you can talk me into it,” Simmons said.

In April last year, he bumped into Morgan Creek Digital partner Anthony Pompliano at a crypto event. Pompliano, who tweeted their encounter, said that “This guy gets it,” quoting Simmons as saying:

Bitcoin is volatile, but every time people think it’s dead, it goes up a little.

Do you think Gene Simmons has plans to supercharge bitcoin adoption? Let us know in the comments section below.

The post Kiss’ Gene Simmons Tweets Cryptic Message About His Bitcoin Plans appeared first on Bitcoin News.

Source: Bitcoinnews.com

From Bad to Worse as Chainlink Crashes 30% in 2 Weeks, Where’s the Bottom? (LINK Price Analysis)

  • Chainlink dropped by 3.2% today as it hits the $10.40 support once again.
  • Against Bitcoin, LINK dropped through the crucial 0.001 BTC support as it trades around 0.00097 BTC.

LINK/USD – Bulls Nowhere To Be Seen

Key Support Levels: $10.40, $10, $9.00.
Key Resistance Levels: $11.62, $12.60, $13.35.

LINK has been quite dire during trading in September. In fact, it has been struggling since mid-August when it fell from $20 with the bulls nowhere in sight to curb the drop. In September, LINK dropped from $16 to hit as low as $9.00.

Luckily, the buyers managed to regroup and close the September-low day candle above the $10.40 level, where support is provided by a downside 1.618 Fib Extension level. Since hitting this support, LINK has been rangebound between here and $13.35.

Over the past 5-days, LINK dropped from the upper boundary of this range and has returned to the lower border.

linkusd-sep17
LINK/USD Daily Chart. Source: TradingView

LINK-USD Short Term Price Prediction

If the sellers continue beneath $10.40, the first level of support lies at $10. This is followed by support at $9.00, $8.00 (downside 1.414 Fib Extension), and $7.25 (long term .786 Fib Retracement). Added support is then found at $6.61 (downside 1.618 Fib Extension) and $6.00.

On the other side, resistance first lies at $11.62. This is followed by $12.60 and $13.35.

The RSI is in the bearish favor and seems to be falling, which signifies that the negative momentum is increasing. It even still has room to dip further before becoming oversold.

LINK/BTC – Bears Break Beneath Crucial 0.001 BTC Support.

Key Support Levels: 0.000943 BTC, 0.00088 BTC, 0.000851 BTC.
Key Resistance Levels: 0.001 BTC, 0.00108 BTC, 0.00115 BTC.

LINK is in a similar situation against Bitcoin as it broke beneath the support at 0.001 BTC to reach the current 0.00097 BTC level. The sellers have pushed LINK/BTC down by around 30% in just September 2020. It is down by a total of 42% from the August 2020 high.

Luckily, there is strong support ahead at a rising trend line, but a break beneath this could be disastrous for LINK.

linkbtc-sep17
LINK/BTC Daily Chart. Source: TradingView

LINK-BTC Short Term Price Prediction

Looking ahead, if the sellers continue to drive LINK lower, the first level of support lies at 0.000943 BTC. This is followed by support at the rising trend line, 0.00088 BTC (Downside .1272 Fib Extension), and 0.000851 (.618 Fib Retracement).

On the other side, resistance lies at 0.001 BTC, 0.00108 BTC, and 0.00115 BTC.

The RSI is at the oversold level for LINK/BTC, suggesting the sellers are a little overextended now. This could amount to a rebound for LINK/BTC over the next day or two.

The post From Bad to Worse as Chainlink Crashes 30% in 2 Weeks, Where’s the Bottom? (LINK Price Analysis) appeared first on CryptoPotato.

Source: Crypto Potato