Altcoin Psycho Outlines Support Levels For BTC, ETH, LINK, RUNE And AKASH
A popular cryptocurrency analyst and trader, known as Kaleo, draws key support levels for Bitcoin, Ethereum, Chainlink and two other altcoins in case of a crypto market correction.
In a recent video, Altcoin Psycho shares with his YouTube subscribers that he’s looking at two main price areas where Bitcoin (BTC) could potentially bounce.
“In this case, [the] previous weekly low ($44,000) should provide a little bit of a short-term bounce. Monthly open (around $41,000) usually provides a really strong bounce in an uptrend if it reaches there.”
Regarding Ethereum (ETH), the analyst is sees two scenarios where the number one smart contract platform could resume its uptrend after a quick drop in price.
“I just have this weird gut feeling that we’re going to see something really weird happen here. Either this level ($2,600) gets front ran, and before people even have a chance to bid that zone, we reverse back up, or I could imagine a scenario where we trap people. So we temporarily trade below here, trap a bunch of late shorters and then send our way back up.”
According to Altcoin Psycho Chainlink (LINK) has a certain level which would be a great buy zone.
“I think this is a great zone ($18.00) to bid for LINK. This is one of the ones that I’m watching… I think this is a good level to bid, and I will be bidding this level myself.”
The trader also looked into decentralized exchange protocol THORChain (RUNE). He outlines a support level as well as an invalidation point for RUNE.
“I will plan on bidding this level right here ($8.00). I’m not going to be using leverage or anything crazy like that. If we revisit this horizontal, like the $6.00 or $7.00 mark, I will be cutting the trade, and I will probably be going risk-off.”
Finally, Akash Network (AKASH), the decentralized marketplace for computing resources, has a two to three-year time horizon, according to Altcoin Psycho.
“The reason that I’m bringing this to your guys’ attention is this is one that I will continue to accumulate if it goes lower. Here’s one of my bid zones ($2.40). I seriously can’t stress enough when I say it’s a long-term investment.”
