Bitcoin back over $12k as Chainlink corrects
Two remarkable telltale signs in the CoinMarketCap top 10 today. Whereas the Bitcoin price goes over $12,000 and then some, Chainlink seems to have fallen prey to profit taking. Could Bitcoin Cash therefore take back the fifth place on the list once again?
Push to $15k?
Analysts are wondering whether Bitcoin can hold the level over $12,000 this time round. If it does, then the next stop could be round the $15,000 price level according to some well known technical consultants.
Darius Sit, managing partner of Singapore-based QCP Capital, stated:
Bitcoin has been trading in a $11,000-$12,000 range for two weeks or so.
It has been consolidating, threatening to break past $12,000, so this is not too surprising.
Bitcoin Price Breaks $12K, but Is It the Final Hurdle Before $15K? https://t.co/YUJGOc7kYV
— CryptoGuru (@DarkNodeGuru) August 18, 2020
Problem is that indicators show that the volume behind this latest push might not be enough to carry Bitcoin over the threshold and keep it above $12,000. Then again, analysts have been predicting a fall below $10k for a while as well, so you never know.
Bullish #Bitcoin ?#BTC leads the market after it surpassed $12k with a 3.45% gain in the last 24hrs along with #YFI token & #Waves ?
Will BTC break the next resistance level at $12.5k? ?
Click to read ?https://t.co/B6iAntWCa6 @iearnfinance #Crypto #cryptocurrency pic.twitter.com/SHnPzLAOXh
— Coinpedia - Fintech News (@CoinpediaNews) August 18, 2020
Recent reporting on Bitcoin has been positive worldwide and the report from Tradingview that Bitcoin and Tesla were the most popular investments in the US thus far is certainly a remarkable sign.
Chainlink correction?
Further down in the top 10 on CoinMarketCap we see Chainlink that seems to fall prey to profit taking as the DeFi coin tanks some 10% to a level around $17.
At some point sentiment does matter, $link is due for correction. Many comfy with big bags from .50 - 8 USD, stay comfy imo. Nulinkers: have a plan in place. Long term moon mission either way. Until staking this is speculation driven and that is just real. pic.twitter.com/wAhworrowZ
— chainlinkrapper ?? (@ChainlinkRapper) August 18, 2020
Knowing that a month ago it still traded at around $8, (we told you it broke the $10 around the beginning of this month only) this is of course a healthy retrace. Some people on Twitter are already wondering whether this is the start of a correction.
Chainlink Just Flash Crashed 20%: Here’s What’s Next For LINK #crypto #link https://t.co/t9SMcnQxOF
— Dr William McKibbin (@McKibbinUSA) August 18, 2020
Other reports indicate that earlier in the day, Chainlink suffered a 20% flash crash.
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