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(CHAINLINK) Growth potential analysis

Long
COINBASE:LINKUSD   LINK/USD
Hello everyone !

Today the Black Cat Trader is analyzing LINK on a weekly chart.


What we can see :

- Using the « trend-based Fib Extension » on the last four impulsive waves, we can see that each ATH tops at minimum into the « 1.618 fib extension » (during the waves 2 and 3, prices top at level « 3.618 »)

- Using the pitchfork , we can identify a strong resistance located on the intermediary upper line (white) where prices could top and be rejected if Link continues to rise like it does since 2017. Then we can identify a strong support on the lower line of the PF .

- Using Ichimoku system, we can see that prices are into the Kumo (cloud) and down the Tenkan and the Kijun. Note that the lagging span has been stopped by the Kijun (at the moment). This is actually neither a good or bad situation for Link.. Just neutral



What we can expect :

- If prices manage to leave the Kumo by the upside, and break the Tenkan and Kijun (which are major resistance right now) we can expect prices to reach our target area, represented by the Fib Extensions : « 1.618 to 3.618 » (wait for the lagging span confirmation).

- If Link breaks the Kumo by the downside, then we can suppose prices will take support on the lower line of the pitchfork which represents a strong support.


Major resistances : Kijun weekly + Intermediary lower line of the Pitchfork
Major support : SSB + Lower line of the Pitchfork

Take Profit 1 : Fib Level 1.618 (87$)
Take Profit 2 : Fib Level 2.618 (133$)
Take Profit 3 : Fib Level 3.618 (178$)



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