A prominent crypto analyst and trader is outlining key support levels for Bitcoin, Ethereum, Chainlink and two other crypto assets in the case of a broad correction in the digital asset markets.
In a new strategy session, the trader known in the industry as Altcoin Psycho tells his YouTube subscribers that he’s looking at two main price areas where Bitcoin (BTC) could potentially bounce.
“In this case, [the] previous weekly low ($44,000) should provide a little bit of a short-term bounce. Monthly open (around $41,000) usually provides a really strong bounce in an uptrend if it reaches there.”
Looking at Ethereum (ETH), the trader is highlighting two scenarios where the leading smart contract platform can resume its uptrend after a quick retracement.
“I just have this weird gut feeling that we’re going to see something really weird happen here. Either this level ($2,600) gets front ran, and before people even have a chance to bid that zone, we reverse back up, or I could imagine a scenario where we trap people. So we temporarily trade below here, trap a bunch of late shorters and then send our way back up.”
Next up is decentralized oracle platform Chainlink (LINK). According to the crypto strategist, he’s closely watching the price action of Chainlink for a chance to buy the dip.
“I think this is a great zone ($18.00) to bid for LINK. This is one of the ones that I’m watching… I think this is a good level to bid, and I will be bidding this level myself.”
The fourth coin on Altcoin Psycho’s radar is decentralized exchange protocol THORChain (RUNE). The analyst outlines a support level as well as an invalidation point for RUNE.
“I will plan on bidding this level right here ($8.00). I’m not going to be using leverage or anything crazy like that. If we revisit this horizontal, like the $6.00 or $7.00 mark, I will be cutting the trade, and I will probably be going risk-off.”
Last is Akash Network (AKASH), the decentralized marketplace for computing resources. According to the trader, he has a two to three-year time horizon for his outlook on AKASH.
“The reason that I’m bringing this to your guys’ attention is this is one that I will continue to accumulate if it goes lower. Here’s one of my bid zones ($2.40). I seriously can’t stress enough when I say it’s a long-term investment.”
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any 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/Blindnesssinfluenced/REDPIXEL.PL
