LINKBTC (ChainLink) - Coin of the week
Chainlink is a platform that aims to connect the gap between the blockchain technology-based smart contracts and real-world applications. To achieve this goal, Chainlink uses oracles (a decentralized finance instrument) to feed data into smart contracts, because blockchains cannot access data outside their network. Oracles provide external data (e.g., temperature, weather) that trigger smart contract executions upon the fulfillment of predefined conditions. Currently, Chainlink has a 24h volume of $1,5 billion, ranking in the 10th place by market capitalization with a live cap of $11 billion.
LINKBTC was in an uptrend until the 10th of August 2020 when it peaked at 0,001692 BTC. Now we find ourselves in a correction that retraced the price 76,8% from the initial top. Focusing on the 4h chart timeframe, we can see an uptrend that started from January 3rd, stopped at 0,0007962 and then started to make a deep pullback. We can see 2 likely scenarios here, it will either retrace to the support area marked on the chart and then go up, or it will fall through the support and break the January lows.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
LINKBTC was in an uptrend until the 10th of August 2020 when it peaked at 0,001692 BTC. Now we find ourselves in a correction that retraced the price 76,8% from the initial top. Focusing on the 4h chart timeframe, we can see an uptrend that started from January 3rd, stopped at 0,0007962 and then started to make a deep pullback. We can see 2 likely scenarios here, it will either retrace to the support area marked on the chart and then go up, or it will fall through the support and break the January lows.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
