ChainLink VS Bitcoin Expected To Move Higher
On the 24th of July, ChainLink hit the bottom, reaching 2276 satoshis low. At the same time it has rejected the 227.2% Fibonacci support applied to the corrective wave up after the uptrend trendline breakout.
Price failed to break and close below the support and price went up sharply. LINK/BTC broke above the downtrend trendline and 50 Moving Average suggesting that is might be going higher.
First resistance is seen at 3500 satoshis area, which previously already acted as the resistance. If this level is broken, the key resistance is seen at 50% Fibonacci retracement level at 4350 satoshis. Break above the Fib resistance ChainLink should confirm the trend reversal, which should result in a much stronger growth.
Currently small correction down is possible, potentially towards the trendline breakout point at 2800 satoshis area. But if price will break below the 2276 satoshis low, bullish potential would become a lot less likely.
Price failed to break and close below the support and price went up sharply. LINK/BTC broke above the downtrend trendline and 50 Moving Average suggesting that is might be going higher.
First resistance is seen at 3500 satoshis area, which previously already acted as the resistance. If this level is broken, the key resistance is seen at 50% Fibonacci retracement level at 4350 satoshis. Break above the Fib resistance ChainLink should confirm the trend reversal, which should result in a much stronger growth.
Currently small correction down is possible, potentially towards the trendline breakout point at 2800 satoshis area. But if price will break below the 2276 satoshis low, bullish potential would become a lot less likely.
Comment:
Resistance reached, lets see if it breaks above
Trade closed: target reached