Updated: 4 months
• Crypto trader Rekt Capital warns of a potential downtrend for Dogecoin (DOGE) and Chainlink (LINK).
• He suggests that Bitcoin (BTC) may be experiencing “strong rejection” at its current level.
• He suggests that DOGE could retrace into the lower regions of the downtrending channel until it is able to close above the channel top.
Crypto Trader Warns of Downtrend
A widely followed crypto analyst, Rekt Capital, has warned his 349,600 Twitter followers about the state of Dogecoin (DOGE), Chainlink (LINK), and Bitcoin (BTC). He believes DOGE could potentially see a downside continuation if it fails to close Weekly above the Channel Top. Additionally, he believes LINK is trying to break out against the downtrend but appears to be rejecting from its current level. Lastly, he wonders if BTC can hold its current price levels until the end of the week.
Dogecoin Could See Downside Continuation
Rekt Capital argues that there are arguments for DOGE retracing into lower regions of its downtrending channel until it is able to close Weekly above the Channel Top. If this happens, DOGE could experience a downside continuation as per previous periods (orange). At time of writing, DOGE is worth $0.076.
The analyst also notes that LINK is challenging a macro downtrend for a breakout for its second time in weeks but appears to be rejecting from where it currently stands. At time of writing, LINK is trading for $7.67 down 2.3% in 24 hours.
Bitcoin Experiencing ‘Strong Rejection’
Rekt Capital wonders if Bitcoin can hold its current price levels until the end of this week after experiencing strong rejection most recently. At time of writing BTC is currently trading for $29,476 which is just above $29,250 level after experiencing strong rejection most recently.
In conclusion, crypto trader Rekt Capital warns his followers on Dogecoin (DOGE), Chainlink (LINK), and Bitcoin’s(BTC) potential future performances due to their recent activity in market trends and prices in comparison with past performance data