Chainlink: 3 Bullish Signs Explained

In this idea i will briefly describe 3 reasons why I believe Chainlink (LINK:BTC)
has a high probability of increasing in value from here based on Technical Analysis.

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1. Bull Flag
Click the below image for a educational idea on the Bull Flag Pattern.

Bull Flags are one of the most widely recognised and used chart patterns with a high success rate: and Chainlink has a rather large example of one on the larger time frame charts. Click above image for further educaiton.

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2. Reclaiming Trendline
Click the below images to see two other examples of Diagonal Support & Resistance in action.

It takes 2 touches to draw a Diagonal Trendline and 3 to confirm, in image #2 we can clearly see the price is trying to get back above the previous Diagonal Trendline (Support) marked in green arrows which is a great sign.

If the price failed to get above this area then it would be a potential warning sign. As you can see in the two above examples usually when price pierces through a trendline it can head in that particular direction.

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3. Beginning a new market phase
Click the below image for a educational idea explaining Market Phases & Cycles, one of the most important things you will learn in your career.

"All financial markets go through the same phases and are cyclical. They rise, top out, drop, and then bottom out. When one market cycle is finished, another begins."

ChainLink looks like a great example of a Full Cycle completed a ready to begin its new one. A little more upside here and we have confirmation of the Mark Up Phase. (See above image for further understanding).

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I hope you enjoyed the idea and found it insightful, if you did you can show your appreciation by Liking & Commenting, thank you!

You can see the idea linked below for my last successfull trade idea on Chainlink.

Comment:

Chainlink is still above support area and looking good.