The cryptocurrency market has reached historic heights, with Bitcoin climbing to a new record while Chainlink shows potential bullish dynamics.
Bitcoin Reaches a New All-Time High
Today, Bitcoin (BTC) set a new record, rising to $122,000. Ethereum (ETH) also shows positive momentum, recording an 18% gain over the past week. This surge has contributed to an overall increase in altcoin prices in the crypto market.
Harmonic Pattern of Chainlink
Chainlink (LINK) has seen a 19% increase over the last week. A harmonic pattern known as 'Bearish Bat' is forming on the chart, which may indicate strong price action in the future. This pattern begins at point X near $28.07 and goes through several stages before reaching its target in the potential reversal zone between $26.11 and $28.07.
Chainlink's Prospects and General Recommendations
If LINK holds above the 200-day Moving Average, it could confirm the ongoing bullish trend and open the path for a 75% rise towards the $28 level. However, caution is advised: a drop below the support level of $12.89 could invalidate the harmonic pattern and delay further upward movement.
Current charts demonstrate setups supporting an optimistic sentiment in the market. Given the overall bullish trend, Chainlink is one to watch closely in the coming days.
