I posted about this on Twitter and received incredible backlash. So, I figured I needed to post it here on TradingView as well. Whenever something is this obvious, and it receives incredible backlash, it tells me sentiment is still chasing the 62 day bull market this coin had earlier this year, even after over 100 days of bear market.
It reminds me identically to MATIC. And it reminds me that there is still a significant amount of "dumb money" in this space. Now, hopefully you don't take offense to this. It's just a reference to how people will hold on to hope and continue to chase a bubble, long after the bubble popped. This is an emotional behavior that market makers want, and it leads to a promising future for crypto that these types of people still exist in this space. Market makers want to know that they can exhibit FOMO and hope. That's how they make money.
So, it's a good thing the market still behaves like this, for those who accumulate ahead of time and sell into that behavior, rather than chase it.
However, LINK / USD is doing a classic bubble pop correction.
-70% after the pop. A +100% bounce. Followed by another -70% fall.
Bitcoin 2014:
Bitcoin 2018:
ETH:
Do not chase what occurred from April-June. That's long over. Look for other coins that are in the accumulation phase that LINK was in leading up to that move. Do not chase the backside correction of that move, expecting it to do it again.
Does anyone else see a nearly perfect "cup and handle" formation in the original posted LINK chart above? Call the bottom of the cup about $1.50, the rim of the cup and handle about $2.80 (buy the break above $2.80 for confirmation) and target price then $2.80 + ($2.80 - $1.50 = $1.30) = $4.10. WTFDIK
This isn't a cup and handle you silly stinkers, this is a dead cat bounce. Enjoy your gravel coin and make sure to 'didn't read; not selling' whilst the devs dump 700K stinkys at a time on top of you guys.