A closely followed crypto strategist says that one mid-cap altcoin looks poised to break out against Bitcoin (BTC), Ethereum (ETH) and the US dollar (USD).
Pseudonymous analyst Bluntz tells his 223,800 X followers that the decentralized oracle network Chainlink (LINK) is forming a bullish continuation pattern across all three pairs.
According to the analyst, LINK’s price action stands out amid a generally stagnant crypto market.
“Been struggling to find anything that looks decent for quite a while in this chop, but LINK is finally starting to look promising here with a potential bull flag breakout forming on not just USD pair but also its BTC and ETH cross pairs.”
At time of writing, Chainlink is worth $7.44, a price level that’s very close to touching the trader’s diagonal resistance on LINK’s USD pair.
The trader is also updating his outlook on Ethereum itself. Bluntz says that ETH appears to be mirroring Bitcoin’s early 2019 market structure when it massively rallied after breaking out from an ascending triangle pattern.
According to the analyst, Ethereum will likely witness a parabolic surge once it moves above resistance at $2,050.
“When ETH finally breaks out from $2,050, it’ll be an open-the-flood-gates moment. There won’t be any ‘retest,’ just a 40% weekly candle. In my mind, this is a when-not-if situation. Our only job here is to survive the chop…
This $2,050 god breakout candle on ETH will most likely be the candle that bottoms ETH/BTC.”
At time of writing, ETH is worth $1,858.
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The post Ethereum-Based Altcoin Showing Signs of Potential Breakout, Says Trader Who Nailed 2018 Bitcoin Bottom appeared first on The Daily Hodl.
