LINK is charting some insteresting similarities to it's movements in 2019 right before breaking through it's previous high and setting an entire new level of value for the coin. If the chart plays out similarily in 2020 we are on the verge of a massive breakout for LINK.
On the chart posted above, you can see a side by side comparison from the 2019 and 2020 bullish move that shot up to the previous highs. Both times the price came back to test the 50% FIB retracement area and found support in 2019 launching it to somewhere around 5 times its value. The current 2020 retracement from the highs is so far finding support on the same 50% Fib level. I know a lot of people are excited about LINK and I believe it's a great project. But more than that it has one of the best looking charts in Crypto in my opinion.
Today's candle is printing a bullish engulfing candlestick pattern similar to the one that came off of the 50% FIB channel support in 2019. It appears to me like we are in for a similiar move that has the potential to propel LINK to $6 then potential continuation much higher (towards $10) if the pattern repeats. Obviously no guarantee to do that, but if you are in Crypto I think this is a coin that you absolutely need to have some of.
Let me know your thoughts on this observation.
Thanks! May your crypto trades be super juicy this year!
-The Crypto Juicer
Trade active
⋅
So far so good! We have been able to tick above previous highs today and confim the likelyhood of further continuation to the upside. Time to do a deep time of possible profit taking targets and trading strategy if history indeed repeats itself for Link.
In reviewing the last bull run for Link there were a few Fib Extension targets that I think will be key to look out for. The 1.0 Extension and the 2.414 and 3 Fib Extension area's as extreme move targets. You can see it mapped out on this chart pictures.
Big bounce off the 50% fib right after your post. Nicely done!
RickyPMN
⋅
@sprice5, Why Thank You! This may be a bold prediction here, but fortune favors the bold! ;)
RickyPMN
⋅
Possible Entry spot for those still wanting to get in on LINK
RickyPMN
⋅
Plan: Current game plan that can and will be modified if Link gets knocked off this track. But here is the idea so far.
1) Holding a large position currently and am aiming to take partial profits at $6.20 ish as seen on the red line on chart.
2) Re-inforce remaining postion and buy more on the retest of the $4.87-4.9 High.
3) Hold to Extension level on chart of 2.414 and sell in that area.
4) Congratulate those who sell at the Hodlers Paradise Target of $12.7 :)