LINK (ChainLink) long term outlook still looks quite bullish, riding well over the multi-year support and still holding a much higher and near parallel, bullish ascending channel. We are currently sitting at bottom of channel, minimizing entry risk but entry should be leashed with a short Trailing Stop Loss.
Top of channel is $3.52 or so around the end of January 2020, a month from this write up. Because we may also be seeing a wedge form here, we could see a really nice breakout that could occur earlier in January where as that $3.52 would already be support by end of January (or break down to $1.50 historical support).
There is downside potential where as the mid-term trends could reverse (though currently no indication of such), likely we would be caught by the the historical horizontal/logical support @ $1.50 or worst case our multi-year long-term trend-line below would catch us. Right now a downtrend seems really improbable though hinged on the health of the global market.
This ascending channel could actually play out for a couple of years before forcing LINK to choose between maintaining the channel and breaking its ATH.
I am pro-link long as well as bullish long term and for the next month or so for a channel swing trade, holding both in long-term and short-term positions and accruing more now. This is not investment advice, just some of my market observations published. DYOR.
Thanks guys, actually also, I have the channel off a little bit in this diagram, we may only see $3.30 by end of month. There is a strong likelihood at that time we pull back some but also we may be about to break out of a large pennant that could propel us right through top of channel and if nothing else turn top of channel into support. Either way, we still have a ways up to go, exciting times!
BillDee
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You nailed this prediction so far, $3.50 would be awesome.