BTC and LINK Technical Analysis as of February 13, 2024
Yesterday, BTC buyers demonstrated strength, driving the top cryptocurrency up by 5% to a two-year high of $50,360. This overview presents the market situation for Bitcoin (BTC) and Chainlink (LINK) as of Tuesday, February 13.
Bitcoin (BTC)
In recent hours, the BTC price chart has seen a notable decrease in volatility. Bitcoin has been trading sideways, fluctuating between the support level at $49,700 and the resistance mark at $50,360.
The dominant narrative suggests a bullish outlook for Bitcoin, particularly as it hits a high not seen in over two years. This milestone renders previous resistance levels less significant, although sellers are expected to become active near round levels (e.g., $50,500 and $51,000).
A bearish correction appears unlikely for now. Should any downturn occur, it could potentially retreat to support zones at $49,400β$49,550 and $48,900β$49,100, which are still within the broader upward trend.
BTC chart on the M5 timeframe
Chainlink (LINK)
During February 10-11, LINK increased by 15%. At present, the asset is bracketed by a support zone at $19.8β$20.1 and a resistance area at $20.6β$20.9.
For LINK to sustain its growth, it must break above the prevailing seller's range. This entails breaching the intermediary resistance level set at $20.32. Should LINK surpass this threshold and hit a new annual high, it could swiftly move to test the $21.0 and $21.6 levels.
In a corrective scenario, the price of LINK might be pushed down to the $19.2β$19.5 area. However, if Bitcoin's upward trend continues concurrently, any dip in Chainlink could present a prime opportunity for initiating long positions.
LINK chart on the M15 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
