Welcome friends, to this analysis of LINK. Many of you are probably familiar with Chainlink on a fundamental level, and may have watched my previous analysis on LINK which you can find here:
This is going to be a straight-on technical analysis to show you what a beautiful trading opportunity is forming on LINK right now.
What I believed to be a falling wedge on the previous analysis have now turned into being a symmetrical/triangle, also referred to as a pennant . These patterns are continuation patterns and a breakout is in the cards. Within the pennant we’ve had decent, but decreasing volume towards the end of it. Maxx Momentum indicator flipped to bullish+ momentum on the daily a few days ago, and with BTC looking the way it is now, LINK currently got more room to the upside than the downside. New BTC analysis coming shortly. For LINK to have high chance of bullish continuation, it is important to make a daily candle close above the .236 fib from the trend based fibonacci extension . This level is @ 2730sats and is a level we’ve tested, but not closed above since back in January. If LINK manage to close above it, there’s a high chance of the top of the pennant to break within the next week.
I have marked a few targets on the chart as well with boxes beneath fib-levels. As we don’t have any previous price action to draw levels from, Fib’ext is more or less the only way to get accurate selling points. These take-profit levels is at 16550sats, 18230sats and 20370sats. If you hop on this trade or is already in it, it is recommended to place your sells a little below these levels as they will have direct selling pressure on them from others.
Shortly after this I’m posting my BTC analysis, so follow and keep an eye on your alerts!
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