The Chainlink price prediction for the LINKBTC chart shows that there is a potential for a downside move before a recovery.
This is because of the rise in Bitcoin prices on Tuesday, which allowed it to reclaim the $37,000 price level. Due to the inverse relationship between both assets in the LINKBTC pair, the 2.37% decline in prices is not entirely surprising.
What can we expect to see on the pair as it responds to the price moves on the BTCUSD pair?
Technical Outlook for LINKBTC
The Chainlink price prediction for its pairing with Bitcoin shows an asset which could potentially see a selloff first, before a recovery move. The selloff stems from the rejection at the 0.00064587 resistance. This move targets the 0.00054547 support area, with 0.00049130 serving as an additional target to the south. Bears will only find joy for a continuation of the downtrend if price takes out the support at 0.00036438.
However, a recovery move could occur if fresh demand is seen at the neckline of the rounding bottom pattern at 0.00049130. The bounce from
this area targets 0.00054547 initially. However, bulls would need price to clear 0.00064587 to attain 0.00074681, with 0.00082833 lining up as an additional target to the north.
Don’t miss a beat! Follow us on Telegram and Twitter.
LINKBTC Daily Chart
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Eno on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.