Taking a look at the LINKUSD weekly chart, we see a perfect 5 wave move in the 2020/2021 run, and wave 3 can be broken up into a sub wave pretty clearly.
Now we have made a 3 wave move to the down side, and bounced off of $15...we could still drop to roughly $11 as BTC hasn't completed a 5 wave move to the down side yet, but this looks exactly like the EHTUSD chart with a double bottom. There is of course no guarantee that we dont just continue to base here for a little while, however i think this is the ideal place to start building positions in alts if you're a long-term crypto believer. Whether its Link or some other alts that you truly believe in, now is the time to start strengthening your positions for the next bull run. Not when its back to 50+.
Whenever this next move up happens, its going to be even more explosive and i'd expect to see minimum $65 (equal to wave 1) but more likely $96 (the 1.618 extension target).
Also take note of the weekly RSI which is right near the bottom of its range. Its actually never dropped below that level since inception, granted this is a relatively new token. However these levels are very interesting. Last time it hit this level was march 2020, and Dec 2019 before that. Now we've got a double bottom on the RSI at historically low levels with the price in the golden zone of the wave 2 retracement, and the bottom of the pitchfork which has perfectly captured price movement in the past.
Now we have made a 3 wave move to the down side, and bounced off of $15...we could still drop to roughly $11 as BTC hasn't completed a 5 wave move to the down side yet, but this looks exactly like the EHTUSD chart with a double bottom. There is of course no guarantee that we dont just continue to base here for a little while, however i think this is the ideal place to start building positions in alts if you're a long-term crypto believer. Whether its Link or some other alts that you truly believe in, now is the time to start strengthening your positions for the next bull run. Not when its back to 50+.
Whenever this next move up happens, its going to be even more explosive and i'd expect to see minimum $65 (equal to wave 1) but more likely $96 (the 1.618 extension target).
Also take note of the weekly RSI which is right near the bottom of its range. Its actually never dropped below that level since inception, granted this is a relatively new token. However these levels are very interesting. Last time it hit this level was march 2020, and Dec 2019 before that. Now we've got a double bottom on the RSI at historically low levels with the price in the golden zone of the wave 2 retracement, and the bottom of the pitchfork which has perfectly captured price movement in the past.
