I think we can all say that Bitcoin didn't have a blow off top this cycle but chain link sure did.
70% in just two weekly candles in May 2021 pretty insane even for a blow off top , the week of May 17 2021 is the largest weekly red candle in chain links history ,66% in one weekly candle ,it had one hell of a run.
Since June 2018 Chain link pumped 31674% over 1050days with no major changes in its parabolic structure until of course May 2021.
It is possible that Chainlink has been playing a pattern from 2018 during that time Chainlink retraced 88% before starting its mufti year run. If the pattern plays out it means that the bottom is in for link.
At the moment chainlink is currently in a descending wedge and so is the Weekly RSI .
Since February 2021 Chainlink has been forming a massive wedge and also hitting record lows on the RSI.
Is link getting ready for a big move in the future ?, possibly what you see below is a LINK/BTC dominance chart, for nearly three years now I have been following this link fib sequence that has been quite profitable so far.
The next date is May 23rd 2022 , I bring this date up a lot because there also a number of Bitcoin Fib sequences that land in May 2022.
So what will happen come this day since I have lived through it three times already , well nothing , nothing happens on this date no crazy price action just a normal weekly close but once time passes one comes to realize that week was indeed a pivot in momentum.
So what will this time bring another pivot to the upside or downside? The fact is that its not really clear now we a descending triangle on the dominance chart which is a bearish pattern but we have descending wedges on price and weekly RSI.
I will sideline for now and wait closer to May 2022 to make a move a lot of mixed signals right now and the one thing I cant stop thinking about is the fact that Bitcoin has not put in its signature capitulation volume bar, we have nothing to confirm a true cycle bottom ,if we hit the 200 weekly with massive weekly volume bar then we can truly say the bottom is in.
70% in just two weekly candles in May 2021 pretty insane even for a blow off top , the week of May 17 2021 is the largest weekly red candle in chain links history ,66% in one weekly candle ,it had one hell of a run.
Since June 2018 Chain link pumped 31674% over 1050days with no major changes in its parabolic structure until of course May 2021.
It is possible that Chainlink has been playing a pattern from 2018 during that time Chainlink retraced 88% before starting its mufti year run. If the pattern plays out it means that the bottom is in for link.
At the moment chainlink is currently in a descending wedge and so is the Weekly RSI .
Is link getting ready for a big move in the future ?, possibly what you see below is a LINK/BTC dominance chart, for nearly three years now I have been following this link fib sequence that has been quite profitable so far.
So what will happen come this day since I have lived through it three times already , well nothing , nothing happens on this date no crazy price action just a normal weekly close but once time passes one comes to realize that week was indeed a pivot in momentum.
So what will this time bring another pivot to the upside or downside? The fact is that its not really clear now we a descending triangle on the dominance chart which is a bearish pattern but we have descending wedges on price and weekly RSI.
I will sideline for now and wait closer to May 2022 to make a move a lot of mixed signals right now and the one thing I cant stop thinking about is the fact that Bitcoin has not put in its signature capitulation volume bar, we have nothing to confirm a true cycle bottom ,if we hit the 200 weekly with massive weekly volume bar then we can truly say the bottom is in.
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