Here's an analysis on LINK on a weekly time period and we'll observe the price full of fractals, self-similar repeating patterns at different scales. Also, we'll speculate on factors which will lead the future price action to it's next possible New All Time High (ATH).
(i) It has been moving in an ASCENDING CHANNEL since 2019 with the middle line acting as both, resistance and support throughout the course inside the channel. After the breakout from the middle line (Look at the white ellipse/circle) the price has repetitively surged towards it's ATH.
(ii) Now, moving onto the Fib levels , following the formation of an ATH (2019), the price usually drops below the channel's middle line, and these price Tops and Bottoms are employed for Fib levels.
We see how the price makes it's next ATH ($20.111) around the 2.272 Fib level,i.e, $21.486
Similarly, we get the New ATH (2021) at a level below 2.272, i.e. 2 where the price is $55.504, which occurs to be near the New ATH 2021 ($53) by taking the price Top and Bottom and positioning the Fib levels on Previous ATH (2020).
Putting the similar procedure to practice if we position the Fib at the ATH's (2021) top and bottom, we may get the levels for the NEXT ATH. Since we got the ATH 2021 at the Fib level of 2 (a level below 2.272 fib) during last time, accordingly we'll select the Fib Levels below 2 for the NEXT ATH :-
Fib 1.886 - $179.402 (NEXT ATH)
or
Fib 1.786 - $156.336 (NEXT ATH)
(iii) Taking another element into consideration, the Time Cycle, from the First ATH (2019) to the Second ATH (2020) required 59 weekly bars/candles to finish the entire process, while the ATH (2020) took 39 weekly bars/candles ( 20 bars less) . Similarly, if we subtract 10 bars from the 39, we obtain 29 weekly bars/candles, which corresponds to the NEXT ATH (2021) scheduled around the month of November 2021.
From 2019 ATH (24 June) : 59 bars = ATH 2020
From 2020 ATH (10 Aug) : 39 bars (59 bars - 20 bars) = ATH 2021
From 2021 ATH (10 May) : 29 bars (39 bars - 10 bars) = NEXT ATH 2021 (23-29 Nov)
(iv) Last but not least, from a technical standpoint, the bullish MACD Crossover which appears to be quite strong indication on a weekly timeframe adds up to the break of the middle line of the channel, therefore providing a helping hand to the price in achieving the NEXT ATH.
Although, this type of extensive analysis is more of a speculation of price development rather than prediction of price projected in the future.
Feel free to share your thoughts in the comments below.
CryptoCuriousOfficial 📥
(i) It has been moving in an ASCENDING CHANNEL since 2019 with the middle line acting as both, resistance and support throughout the course inside the channel. After the breakout from the middle line (Look at the white ellipse/circle) the price has repetitively surged towards it's ATH.
(ii) Now, moving onto the Fib levels , following the formation of an ATH (2019), the price usually drops below the channel's middle line, and these price Tops and Bottoms are employed for Fib levels.
We see how the price makes it's next ATH ($20.111) around the 2.272 Fib level,i.e, $21.486
Similarly, we get the New ATH (2021) at a level below 2.272, i.e. 2 where the price is $55.504, which occurs to be near the New ATH 2021 ($53) by taking the price Top and Bottom and positioning the Fib levels on Previous ATH (2020).
Putting the similar procedure to practice if we position the Fib at the ATH's (2021) top and bottom, we may get the levels for the NEXT ATH. Since we got the ATH 2021 at the Fib level of 2 (a level below 2.272 fib) during last time, accordingly we'll select the Fib Levels below 2 for the NEXT ATH :-
Fib 1.886 - $179.402 (NEXT ATH)
or
Fib 1.786 - $156.336 (NEXT ATH)
(iii) Taking another element into consideration, the Time Cycle, from the First ATH (2019) to the Second ATH (2020) required 59 weekly bars/candles to finish the entire process, while the ATH (2020) took 39 weekly bars/candles ( 20 bars less) . Similarly, if we subtract 10 bars from the 39, we obtain 29 weekly bars/candles, which corresponds to the NEXT ATH (2021) scheduled around the month of November 2021.
From 2019 ATH (24 June) : 59 bars = ATH 2020
From 2020 ATH (10 Aug) : 39 bars (59 bars - 20 bars) = ATH 2021
From 2021 ATH (10 May) : 29 bars (39 bars - 10 bars) = NEXT ATH 2021 (23-29 Nov)
(iv) Last but not least, from a technical standpoint, the bullish MACD Crossover which appears to be quite strong indication on a weekly timeframe adds up to the break of the middle line of the channel, therefore providing a helping hand to the price in achieving the NEXT ATH.
Although, this type of extensive analysis is more of a speculation of price development rather than prediction of price projected in the future.
Feel free to share your thoughts in the comments below.
CryptoCuriousOfficial 📥
