A closely followed crypto trader known for calling moves in the altcoin market says that Bitcoin (BTC) and two other digital assets are ready for rallies this week.
The pseudonymous analyst known as Kaleo tells his 538,000 Twitter followers that Bitcoin is about to break out and target the $22,700 area.
“Little bit of accumulation on top of support after the breakout.
Should see another leg higher to $22,700 or so soon – probably a bit of chop around $22,000 along the way.”
At time of writing, Bitcoin is trading at $20,853, down 1.49% on the day.
Looking at the altcoin market, Kaleo is eyeing decentralized oracle network Chainlink (LINK) for potential gains. According to the trader, anything below $10 per token is a big bargain.
“The accumulation base for the LINK/USD chart is so clean – though I attribute the high timeframe resistance breakout to BTC moving more than anything else, I still wouldn’t fade it.
Those type of moves are typically the precursors to the BTC pair outpacing.
LINK under $10 feels criminal.”
The popular analyst also says that Chainlink’s Bitcoin pair (LINK/BTC) has been consolidating above a critical resistance, implying that LINK is set to significantly outperform Bitcoin.
“LINK/BTC continuing to slowly grind higher accumulating *above* high timeframe resistance.
Probably nothing.”
At time of writing, LINK is changing hands for $8.22, a 4.74% decrease in the last 24 hours.
Kaleo also has his eye on one prominent Ethereum (ETH) challenger. The trader says that Avalanche (AVAX) is gearing up for massive rallies near the $60 level, about 223% away from current prices.
Kaleo says that AVAX has just broken through the diagonal resistance line portrayed in the chart above and is now en route to his price target, first making a stop at around $30.
At time of writing, AVAX is trading at $18.45, down 4.52% on the day.
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Source: https://dailyhodl.com/2022/11/07/top-trader-forecasts-imminent-rallies-for-bitcoin-chainlink-link-and-one-of-ethereums-biggest-rivals/