Analyst Crypto World discussed the status of major cryptocurrencies, focusing on Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK). Analysts have pointed out key support and resistance levels and potential price targets based on technical patterns.
Bitcoin (BTC):
Bitcoin is facing a critical period, with the stock down 12% from its recent high last month. The current focus is on the historically significant $40,000 support level. Analysts are speculating that if $40,000 remains the same, there is a possibility of a rebound similar to past recoveries. However, violating this support can lead to the next step of around $30,000.
Technical analysis also points to a potential breakout scenario with the resistance level at $43,700. A confirmed break above this level could set the stage for a bullish move towards a target price of around $48,800.
Ethereum (ETH):
Ethereum’s recent positive price recovery has sparked discussion about the possibility of reaching new milestones in the coming weeks. The analyst emphasized the importance of closely monitoring support and resistance levels, noting the possibility of a price correction before resuming the upward trajectory. Key levels include resistance at $2,320 and support at $2,150.
Ethereum is also forming a symmetrical triangle pattern, with a breakout expected in the next 24 hours. A clear rise above $2,320 could lead to a bullish target of $2,600, while a decline below $2,280 could lead to a bearish target of $2,030.
Chainlink (link):
Chainlink recently experienced significant breakouts against the US dollar and Bitcoin. The analyst identifies an inverted head and shoulders pattern, suggesting a bullish move towards the target price of $20. However, considering that prices have already risen, caution is needed.
Important levels for Chainlink include $15.90, a potential invalidation point for a bullish breakout, and $17, along with $16.70, a support level for a retracement.