This week I thought I would take a look at the technicals for a number altcoins and look outside of the usual Bitcoin and Ethereum coverage.

Also, I will throw in my own opinion on the fundamental backdrop of some of the altcoins today as not only the technical aspect of today does the coverage full justice.

Starting with one of my favorite cryptos, Chainlink. The technical set-up for further immediate gains in this cryptocurrency is not immediately obvious at this stage. 

However, the fundamentals remain firm and I would defer you to the article I wrote about LINK in 2023 prior to its substantial breakout and subsequent short-term buy signal.

Currently, LINK is forming a head and shoulders pattern and any significant downturn in the broader market could trigger losses towards $12.00 or even $11.00 according to the size of the pattern.

The problem is that LINK has a habit of invalidating bearish patterns due to its strong potential so it remains a risky play being short.

Invalidation of the pattern above $22.00 would probably see LINK testing $27.00 very quickly, so playing the upside breakout on a new 202 high could be the play.

Admittedly, I have been waiting for a pullback in LINK to issue a long-term signal, with a target of around $50.00. If patience is your forte then buying a deeper pullback could present a significant buying opportunity.
Now to a crypto with far less impressive fundamentals and often dubbed "digital trash" by far more well-informed fundamental analysts than me.

For me, the recent rise would present a major selling opportunity if we did see a breakdown or a big retracement in crypto at some point.

The problem that presents itself here is that on past performance BCH has far exceeded and based on the daily time frame chart this coin has the potential to head towards $800.00, correct somewhat and then rally towards $1,600.

Our own Biyond Vanguard indicator also shows that the daily, 3-day and the weekly time frames are extremely bullish. 

If I was to pick a downside target if a big correction happened then $300.00 would seem appropriate, but only if a major Bitcoin pullback towards or under $50,000 did take place.

Finally, we come to a come that I am very bullish about, but many people have mixed feelings due to the SEC issues, and that's Ripple.

XRP has woefully underperformed other cryptos this year, but the saving grace could be that while it hasn't broken higher yet, eventually it will.

Many weeks spent flirting with a major multi-year trendline have led to a few false breakouts and an overall loss of momentum.

The opportunity cost of not buying now could be missing a 3 bagger, meaning a rally towards above $1.50 cents according to the technicals.

The downside risk is a correction towards $0.30 cents one final time, which could be an epic dip-buying opportunity and probably one of the best buying opportunities outside of Bitcoin at $4,000 during COVID-19 and Ethereum under $100.00 just four years ago.

Source: https://biyond.co/