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September 21, 2020
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Guide & Analysis

Price analysis: Bitcoin (BTC) and Chainlink (LINK)

Bitcoin (BTC)

Bitcoin is more or less close to the price that was traded a week ago, but this is after a violent week, when the currency fell to a weekly low of around $ 11,100.

Shortly before, Bitcoin gave another boost to the current high of $ 12,100 (Fib extension of 1,272), for the second time in 10 days. Unfortunately, BTC was unable to sustain this increase.

Just a day later, Bitcoin lost almost $ 1000, but quickly rebounded to the support level of around $ 11,400 (Fib retracement of 0.236 and earlier high). It also rebounded on an uptrend line that has been at stake since the end of July. This trend line constitutes the lower limit of a short-term rising triangle that has formed.

THE Bitcoin price recovered from that uptrend line on Wednesday, allowing it to move up to the current level of $ 11,700 – $ 11,800.

Looking ahead, if buyers push higher, the first resistance level will be at the upper limit of the triangle at $ 11,900. This level is followed by resistance at $ 12,000 and $ 12,100 (Fib extension of 1,272, along with the 2020 high). Additional resistance is at $ 12,400.

Failure to scale above the $ 12,100 level can result in a bearish reversal pattern – a double top formation.

On the other hand, the first level of support is on the uptrend line. Below that, support is found at $ 11,400 (Fib retraction of .236), $ 11,100 (week low), $ 11,000 and $ 10,810.

BTC / USD. Source: TradingView

Chainlink (LINK)

Chainlink experienced an epic 70% price explosion just last week. The currency started the week below the $ 10 level and started to rise from there. LINK then hit the $ 18.77 high – creating another new ATH.

Chainlink fell rapidly from that high as it was unable to close the day above the $ 17 level. Since then, the currency has fallen slightly, trading around $ 16.40.

Looking ahead, if buyers can regroup and push LINK up again, the first resistance level to be overcome will be at $ 17. This is followed by resistance at $ 17.90 (1.618 Fib extension), $ 18.50 and $ 19.50 (1.618 Fib extension – purple).

On the other hand, the first level of support is at $ 16. This is followed by support at $ 15.10 (0.226 Fib retracement), $ 14 and $ 13.35 (0.382 Fib retraction).

bitcoin Chainlink

LINK / USD. Source: TradingView

Against Bitcoin, Chainlink is in the same boat that started the week below the 0.0009 BTC level and went up as high as 0.00159 BTC yesterday. Since then, the currency has fallen slightly as it is trading at 0.0014 BTC.

Looking ahead, if sellers drive Chainlink down against Bitcoin, the first level of strong support is expected at 0.0013 BTC (.236 Fib retracement). This is followed by support at 0.00117 BTC (0.362 Fib retraction) and 0.001 BTC.

On the other hand, if buyers regroup and push upwards, resistance will be 0.00145 BTC (ATH closing price of the day), 0.0015 BTC (1.252 Fib extension – purple) and 0.00153 BTC ( 1.618 Fib extension – purple). This is followed by additional resistance at 0.00161 BTC and 0.0017 BTC.

Source: CryptoPotato

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