Did somebody order LINK pizza? CHAINLINK
Hello everyone. Welcome to this pizza slice analysis of my favourite ERC20 token!
Here's a fresh new perspective on the much debated LINK/BTC chart. I've identified 3 fractals that have been in play over the last month.
Firstly, is the white line which symbolise normal bull flags. And then there is the red pizza and the green pizza. Basically ordinary triangle patterns but I like to make it fun. And we all know how much Sergey likes his pizza haha :). But these pizzas I've seen before and they are a useful way to distinguish between normal bullish/ bearish triangles or wedges because the price is not necessarily bouncing straight up from the trend lines, and it just signifies a range of trading for a certain timeframe.
The green ones follow a pump, and converge inwards. Normally there is a pump after. The red pizzas expand and break downwards back to resistance. I believe the last three days could be one big green pizza following a red one. Previously, I thought this pattern was a bullish pennant but that hasn't seen any follow through.
This particular pizza though is also making me rack my head! Chainlink is known for not completing patterns very well, and this pizza had a break down as you can see with the orange circle. The bullish version of this chart sees this as simply a bear trap. But what would count as evidence againt this is that we have rarely seen bear traps with these pizzas in the past; the only reason I think that this could still be a "valid pizza" is the high buying volume in BTC at that particular moment (overlayed in the graph), as this chart is paired to BTC. This one follows the yellow line as it is a little cheesy.
I also have a bearish version of this chart which I'll post in the update which involves basically a bigger pizza slice forming, which would turn into a bullish wedge. This bearish view follows the orange line. Also we are losing a lot of bullish momentum already by confirming below the 10EMA, so this bearish scenario is pretty likely too.
Please leave a like if you enjoyed!
-Etch
Previous analysis:
Here's a fresh new perspective on the much debated LINK/BTC chart. I've identified 3 fractals that have been in play over the last month.
Firstly, is the white line which symbolise normal bull flags. And then there is the red pizza and the green pizza. Basically ordinary triangle patterns but I like to make it fun. And we all know how much Sergey likes his pizza haha :). But these pizzas I've seen before and they are a useful way to distinguish between normal bullish/ bearish triangles or wedges because the price is not necessarily bouncing straight up from the trend lines, and it just signifies a range of trading for a certain timeframe.
The green ones follow a pump, and converge inwards. Normally there is a pump after. The red pizzas expand and break downwards back to resistance. I believe the last three days could be one big green pizza following a red one. Previously, I thought this pattern was a bullish pennant but that hasn't seen any follow through.
This particular pizza though is also making me rack my head! Chainlink is known for not completing patterns very well, and this pizza had a break down as you can see with the orange circle. The bullish version of this chart sees this as simply a bear trap. But what would count as evidence againt this is that we have rarely seen bear traps with these pizzas in the past; the only reason I think that this could still be a "valid pizza" is the high buying volume in BTC at that particular moment (overlayed in the graph), as this chart is paired to BTC. This one follows the yellow line as it is a little cheesy.
I also have a bearish version of this chart which I'll post in the update which involves basically a bigger pizza slice forming, which would turn into a bullish wedge. This bearish view follows the orange line. Also we are losing a lot of bullish momentum already by confirming below the 10EMA, so this bearish scenario is pretty likely too.
Please leave a like if you enjoyed!
-Etch
Previous analysis:
Comment:
Bearish view. Bigger ABC pizza that could be in play. This one doesn't have any bear trap region.
Comment:
Daily chart IS infact making a bearish engulfing candle, which would be a sell signal if it closes below the previous close of 7909
Comment:
Things are looking pretty cheesilicious right now.
Comment:
A lot of fighting between bulls and bears. Looks like a bull trap on the 30 minutes and the bearish engulfing candle is looking like it will form 80% sure now.
For the 20% chance, if we can close above 8000, it's pretty bullish because it means a bearish engulfing candle did not form.
For the 20% chance, if we can close above 8000, it's pretty bullish because it means a bearish engulfing candle did not form.
Comment:
4 hour chart confirmed as a bearish engulfing. Woke up at 3am just to post this here :)
Please leave a like guys if this helped you at all. I put in the effort and it'll mean I post more updates in the future
Please leave a like guys if this helped you at all. I put in the effort and it'll mean I post more updates in the future
Trade active:
So, I opened a little short position. If you didn't realise, this is a strong sell signal and looks like we'll follow the orange line. Especially as we are below the green support now, that "pennant" from the last idea is completely out of the window!
Trade closed: target reached:
I closed manually making a few thousand links. Now I've reopened as the 5 and 10 EMAs have crossed on the hourly, which is signaling some short term gains again. however, it doesn't look so good mid term as before now. I gave two scenarios. The market seemed to test both of them and decided they didn't like either! Let's just do a quick trade based on the EMA strategy.
Trade active:
Buy price: 7651
Comment:
not seeing a convincing break of resistance here.
Comment:
Could be something here if the moving averages cross. This would need either a bit of sideways movement or preferably some volume in the coming hours. If we can't close below, it could be a double top, in which case I have my stop loss set. It's also some kind of bullish wedge in play again but it's not entirely valid unless we see more volume
Comment:
buy signal if you are not long. Moving averages have just crossed
Comment:
I drew a little thing on the tradingview mobile app, as I'm away for Christmas with no PC. But it seems there is no way to publish from there. I'll try to find a way to post it but I really think this one has a high chance of working.
Comment:
imgur.com/a/49mjKz8
I am thinking we get an inverse head and shoulders where the target is the overhead resistance around 9.1k-9.8k satoshis depending ok how the right shoulder forms. Apologies for the weird format but I'm enjoying my holiday!
I will do another linkie analysis where I focus on the fundamenals and about why I think there is a complete repetition of failed breakouts of certain patterns with this pair.
I am thinking we get an inverse head and shoulders where the target is the overhead resistance around 9.1k-9.8k satoshis depending ok how the right shoulder forms. Apologies for the weird format but I'm enjoying my holiday!
I will do another linkie analysis where I focus on the fundamenals and about why I think there is a complete repetition of failed breakouts of certain patterns with this pair.
Trade closed: target reached:
That was simply epic. Wave 5 pretty much where I thought it would be, but we are reaching for new ATH territory now.
Buy price: 7651
Sell price: 14,000
Buy price: 7651
Sell price: 14,000
Comment:
Please see my new analysis
