You realize you are basing this on the move caused by Covid crash? The logic and chart don’t agree with your TA based on extenuating circumstances
HeyJonBray
⋅
@mboody1980, You can be bullish on LINK all you want on the long term, the bottom line is: if there's no volume in long/short orders between the current price and the next large cluster of orders; which happens to be $4.90, there's nothing stopping it from going back down. Always remember, the big players that are making money off the fact that link is > $8 right now are also going to make a shitload when they short it back down to half that price while everyone else is bullish...
The great thing about blockchain that hardly anyone takes into account, is that you can audit all of the wallet/transaction/account sizes. This is insight into the actual traders possible behavior. Right now, and you can see from on-chain data, most of the orders being placed (except for a few very large sales) are by small traders with low-volume wallets that likely have little risk awareness.
The whales stay whales. Given the amount of new money coming into LINK, it can't not retrace insanely at some point in the near future. Always remember the big boy can make money regardless of what way the market moves.