LINK will lots of room to the upside
Zooming out to a seven-day period, most altcoins in the top 20 by market cap had outstanding returns and most of them outperformed Bitcoin. BTC.D dropped some 5% in last week, hinting a trend of swapping BTC for altcoins. LINK was one of them with massive 100% gain since 21st of July. The price skyrocketed at a breakout from falling wedge (red doted line).
The falling wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a zone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout occurs.
LINK is bullish in higher time frame but needs to break above major resistance at $30.20, after that the price will accelerate.
On daily and weekly chart, the price is forming a large wedge, which could play out somewhere around $80-$100 level (green box). It’s still too soon to call it, but that’s something I’m looking at in higher time frame.
Lower time frame is choppy, but still bullish. If BTC stays bullish or flat (just not sudden drop), then LINK should outperform. $30 is my fist TP, followed by $35 and $52. Ultimate target would be green box; 80$ - 100$, which could be reached in next several months. Supports are at $23, $15, and $13.350
The falling wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a zone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout occurs.
LINK is bullish in higher time frame but needs to break above major resistance at $30.20, after that the price will accelerate.
On daily and weekly chart, the price is forming a large wedge, which could play out somewhere around $80-$100 level (green box). It’s still too soon to call it, but that’s something I’m looking at in higher time frame.
Lower time frame is choppy, but still bullish. If BTC stays bullish or flat (just not sudden drop), then LINK should outperform. $30 is my fist TP, followed by $35 and $52. Ultimate target would be green box; 80$ - 100$, which could be reached in next several months. Supports are at $23, $15, and $13.350