I started posting btc posts about three weeks ago and have been doing so at the end of each weekly close. Since getting into cryptos towards the end of 2017, I have mostly gotten out of alts altogether and have been just focusing on bitcoin. Since my son is a big fan of Chainlink, I thought I would take a look at it.
I have a day job and don't have the time to do day trading so I have started concentrating on longer term trends and analysis. It seems to me that btc and link are both in the same type of situation, a huge descending triangle. The daily charts have the RSI going down currently. The daily MACD is bullish but could easily turn bearish with some downward price pressure. The volume seems to be trending down and is now down.
The weekly triangle, shown above, started towards the end of June 2019. If it goes to its completion it could last another 5 months. The highpoint it can hit now is $2.90-$3.20 range. The lowest resistance sits at $1.60. There could be some good opportunities as we bounce around in the range. I don't own any and would not consider buying now as we are close to the top. If it drops to $1.60 and there is still plenty of room in the triangle, I may buy and wait to sell at the upper resistance line.
The triangle started on a gigantic candle that spanned from $1.75 all the way up to $4.60. Most traders don't seem to have the patience to play these long games but I'm giving it a shot since my short term game never worked out that great. Since I started in the run up to all time highs, the main lesson I have learned is that these trends and bull/bear runs take way longer than I anticipated. We are still down two years after the all time high and I do not feel bullish.
I am bullish on btc long term, I expect great gains over the years. I have not studied the fundamental analysis on Chainlink, this is just charts. If this does break down and out of the triangle, I'm afraid the drop could be mind-blowing.
Thanks for listening to this amateur hour thought.
satoshmike
I’m not a professional and this is not, in any way, financial advice.
Twitter @satoshmike
I have a day job and don't have the time to do day trading so I have started concentrating on longer term trends and analysis. It seems to me that btc and link are both in the same type of situation, a huge descending triangle. The daily charts have the RSI going down currently. The daily MACD is bullish but could easily turn bearish with some downward price pressure. The volume seems to be trending down and is now down.
The weekly triangle, shown above, started towards the end of June 2019. If it goes to its completion it could last another 5 months. The highpoint it can hit now is $2.90-$3.20 range. The lowest resistance sits at $1.60. There could be some good opportunities as we bounce around in the range. I don't own any and would not consider buying now as we are close to the top. If it drops to $1.60 and there is still plenty of room in the triangle, I may buy and wait to sell at the upper resistance line.
The triangle started on a gigantic candle that spanned from $1.75 all the way up to $4.60. Most traders don't seem to have the patience to play these long games but I'm giving it a shot since my short term game never worked out that great. Since I started in the run up to all time highs, the main lesson I have learned is that these trends and bull/bear runs take way longer than I anticipated. We are still down two years after the all time high and I do not feel bullish.
I am bullish on btc long term, I expect great gains over the years. I have not studied the fundamental analysis on Chainlink, this is just charts. If this does break down and out of the triangle, I'm afraid the drop could be mind-blowing.
Thanks for listening to this amateur hour thought.
satoshmike
I’m not a professional and this is not, in any way, financial advice.
Twitter @satoshmike