A popular crypto trader and analyst thinks Ethereum (ETH) and Chainlink (LINK) are due for another run towards new all-time highs.
The crypto trader known as Pentoshi tells his 270,500 Twitter followers that the smart contract platform Ethereum (ETH) is looking bullish on both the USD and BTC pairing after breaking downwards resistance.
“$ETH / USD pair now
Just broke down trendline
But also [higher low] after [support/resistance] flip on a sneaky retest
There is absolutely nothing bearish about any of these charts on any pairs. But especially the $BTC pair”
Source: Pentosh1 / Twitter
Source: Pentosh1 / Twitter
“I think it’s time for $ETH / $BTC
Consolidating for 10 days
[Higher High / Higher Low] intact on 1D and [higher time frame] Macro chart
Against trendlines now
Final move to .10-.125 [BTC] ($4,811-$6,013)
[Lower time frame’s] showing signs of getting ready to [bottom out in my opinion]”
Source: Pentosh1 / Twitter
Source: Pentosh1 / Twitter
Looking at the decentralized oracle network Chainlink, Pentoshi is anticipating a run to $32 after forming a triple bottom on the charts.
“$LINK update
At [lower time frame] resistance. Looks like $32 next. Good volume coming in off triple bottom and a nice inefficiency to fill
Above that = $36-37”
Source: Pentosh1 / Twitter
Stacked up against Bitcoin, he notes that the oracle token looks to have reached a bottom and is forming higher highs against the top crypto asset. He’s anticipating LINK to make a run to the 0.0011952 ($57.60) BTC level.
“Lastly I love the similarities of what’s building here from its biggest past rally on $LINK
The weekly is screaming bottomed and forming a quick succession of [higher high + lower low] now the past months. Markets love symmetry so I believe the right side will match the left mostly in time”
Source: Pentosh1 / Twitter
As for Bitcoin itself, Pentoshi highlights that BTC is printing higher volume and recently just had a golden cross on the daily moving average indicators, historically noting a positive shift in momentum for the crypto markets.
“Shhhhh it’s ok
BTC now with the golden cross as a [moving average] trader
And *squints*
A bullish engulfing candle that engulfs 6 days of bearish bottom sellers on dare I say… increased volume?”
Source: Pentosh1 / Twitter
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check 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/KHIUS
