MAGNIFICENT! UNSTOPPABLE... CHAINLINK!!
LINKBTC
is making crazy moves upwards, unlike many alts which have just moving a few percentage points to
BTCUSD
during the recent surge. I believe the
LINKBTC
price will definitely continue to follow
BTCUSD
and the overall market cap, however if you take a look at this chart... Clearly, LINK broke out from a bullish penant yesterday vs. BTC and made an incredible move of 33% gains in a day! As I write this, there is a pullback going on. However, this wave count on this chart is very valid, as the C wave cannot be the shortest, and each wave has 5 clear sub-regions within it where C is not the shortest. I tried a few, but this is the only one that could fit this technicality. Furthermore, the A wave territory acted as strong support for the D wave. This is one of the best coins there is in terms of fundamentals and I highly recommend DYOR on it if you haven't already.I'm in this trade for the long term so I'll be looking at the higher targets above the 1:1 extension, but shorter term traders may wish to take profits sooner, and thus use a tighter stop loss for increased risk:reward ratio. Overall this setup is very nice and all the indicators are pointing up at least for the short term, but in the past it has had difficulty going above 10k sats which seems to be the big joke for the bears who keep pushing it down at that psychological level as they know it's where the hype builds up.
Entry: 0.0007750-0.0008350
Target 1: 0.0009297- 0.0009970
Target 2: 0.001155
Target 3: 0.001637
Target 4: 0.002430
Stop loss:0.0006669 or 0.0007601 if you only want a short term trade. This lower stop is to take into account a possible bear trap region like we have already seen below the white trend line, which allowed us to form the pennant.
(click and drag the right side of the chart to zoom and move the chart to see higher targets)
Please leave a like and consider following for more live crypto analysis. More open trade charts linked below. :)
Comment:
Maybe bulls could see some kind of fighting back? It's not so common with this coin, but it will depend a lot on BTC's movements tomorrow.
Comment:
www.tradingview.com/chart/DnidcsWd/
So... The bear trap did happen and we are now hopefully confirming the green top of the "pennant" as resistance. However, if we don't confirm above it on the daily candle, and then see a move up, then the pennant is invalidated and this will simply be another trendline to keep track of. Let's hope we get a move up today.
So... The bear trap did happen and we are now hopefully confirming the green top of the "pennant" as resistance. However, if we don't confirm above it on the daily candle, and then see a move up, then the pennant is invalidated and this will simply be another trendline to keep track of. Let's hope we get a move up today.
Comment:
It is likely that this could just be YET ANOTHER failed cup and handle pattern in the history of chainlink :D Just remember to be strict about your stop losses that you decided when you entered this trade guys. For me, I have a lot of LINK tokens that I'm not going to sell at all because I believe this could go much higher in the long term, and another stack for trading for making some money while limiting risk.