Special thanks to stockcharts.com for the explanation of the events in a Wyckoff accumulation period. Read more here: https://school.stockcharts.com/doku.php?id=market_analysis:the_wyckoff_method
I have no experience applying the Wyckoff method, so this is simply a study to see if anything stands out as being useful for understanding the past several months of sideways movement of chainlink.
I have no experience applying the Wyckoff method, so this is simply a study to see if anything stands out as being useful for understanding the past several months of sideways movement of chainlink.
Comment:
I currently expect link to revisit prices near $6, prior to a stronger (elliot wave 3) move up. This may be the anticipated "test," on this chart.
Comment:
Sitting at $6.1 at the moment. This might be the test.
I can also see a possible Elliott Wave pattern that may resolve with prices below prior (recent) lows ($5 area).
I can also see a possible Elliott Wave pattern that may resolve with prices below prior (recent) lows ($5 area).
I think we saw the "spring" and have a re-test prior to a strong markup in prices (SOS). Note, this is a very bullish view. I think another drop below the support would be a frightening shakeout/fakeout/spring.
Keep a long term view - if DeFi has a future (and it does), it's very likely that Chain.link will be at the center of it. Esp. as DeFi grows out of a proof of concept phase, and into new forms of disintermediation of existing financial systems.