FerroIgnique

Sucker's Rally in LINK?

KRAKEN:LINKUSD   LINK / USD
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7
I drew this 17 Aug when LINK Spiked down pretty hard. My initial thought was that Link would bull flag on the way down after that monstrous wick and I'd long near the box below where we had previously topped 9 Aug, but that bottom line started acting as resistance while ETH and BTC were trending down. My Bias now is that crypto as a will trend down until bitcoin starts trending up, which I believe will be around 10,500 given that is where the 50SMA is and was out previous resistance.
LINK has bullied its way back up to the channel, but there is a high probability that it gets rejected at the bottom trend line , with the possibility that it pumps up to the top and dies again. I am presently short ETH and I stand to make money on that trade regardless of what happens to the other coins.

Comments

12H Bullish divergence on the MACD histogram but the MTF VSTOP at the 12h (so 1D) makes a strong case for a double top and some patience in waiting for a short.
+1 Reply
FerroIgnique This_Guhy
@This_Guhy, That channel looks pretty strong, If it does double top I'd wager it would be with a wick, with the body of the candle near the trend line.
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Nice job
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