A widely followed crypto trader believes Chainlink (LINK) is setting the stage for another move to the upside.
In a new video strategy session, crypto analyst Michaël van de Poppe tells his 162,000 YouTube subscribers that LINK is showing strength against Bitcoin (LINK/BTC), indicating more upside potential for Chainlink’s USD pair.
“In 2019-2020, we can see that we had substantial breakouts taking place already before the [BTC] halving took place, because in this case, Chainlink ran from $1.60 to $5, just before the Bitcoin halving took place. Now we are running from $6 to $18, perhaps even towards $20, have a correction, and then another run towards the highs [around $35.34], which means that you need to see strength on Chainlink against Bitcoin.”
According to the trader, LINK is in the process of converting a key resistance level into support against Bitcoin and will likely see more rallies after the brief correction.
“During the past few weeks, we have seen a pretty heavy run on Chainlink against Bitcoin… You can see that the trend has shifted on the Bitcoin pair and also in the previous cycle this has taken place…
When the altcoin is going to find itself in a higher timeframe support, as we can see here with Chainlink against Bitcoin, that is a good moment to start allocating money back into the altcoin.
In this case, we are having the retest and we are looking for new highs to take place and we are having higher lows and higher highs.”
LINK/BTC is trading for 0.000358 BTC ($14.64) at time of writing.
Next, the trader says that layer-2 blockchain Arbitrum (ARB) is indicating a bullish trend reversal against Bitcoin (ARB/BTC).
“Arbitrum, this is making a massive bullish divergence and the indication is that we can start reversing the trend from here.”
ARB/BTC is trading for 0.0000265 BTC ($1.09) at time of writing.
He also says that Optimism (OP) likely gearing up for another leg up against Bitcoin (OP/BTC).
“[Optimism] is just having a consolidation after the big bounce upwards, another bullish divergence, and most likely finalizing its entire period of accumulation here and starting a new uptrend.”
OP/BTC is trading for 0.0000550 BTC ($2.26) at time of writing.
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- Source: https://dailyhodl.com/2023/12/12/chainlink-gearing-up-for-more-rallies-as-link-shows-more-strength-against-bitcoin-btc-michael-van-de-poppe/
