A prominent crypto strategist and trader is eyeing breakouts for three lagging altcoins while waiting for Chainlink (LINK) to catch fire.
The analyst known in the industry as Inmortal tells his 63,200 Twitter followers that peer-to-peer payments network Litecoin (LTC) has broken out of consolidation and is poised to rally to his target at $260.
“Perfect timing. Now teleport this to $260.”
Inmortal is also looking at Bitcoin fork Bitcoin Cash (BCH) and smart contract platform EOS, which he says are likely to follow Litecoin’s bullish ascent.
“BCH/USD. Time to play the laggards. LTC is leading the way (old coins). I think BCH and EOS could follow.”
Next up is decentralized oracle network Chainlink. According to Inmortal, he’s waiting for Chainlink to breach its immediate resistance against Bitcoin (LINK/BTC) at 0.00065 BTC, worth $32.51 at time of writing.
“One of my favorite ALT/BTC charts.
The plan is simple,
Wait for a clear break above KEY level + 200MA (moving average) to confirm that deviation, then buy/long on a retest, targeting those equal highs at 0.001 BTC ($50).
High probability 3R setup.”
As for Bitcoin, the crypto analyst says he believes BTC will eventually break above key resistance at $50,000 and reach his target at $60,000.
BTC will follow ETH.
Vertical accumulations lead to expansion.”