I will preface this that this all of this can and will be invalidated if BTC activity changes drastically and brings down the market with it (or breaks the trend I show above). Several analysts predict it'll go down, question is - will it bring down other altcoins with it?
I looked at previous patterns, and the current = $LINKUSDT / $BTCUSDT pattern. I'm leaving out fibonacci retracement for simplicity as these graphs get messy.
(Upper Left) This shows the H2 log plot of LINK. What I noticed here was the pattern of the previous jump. What you notice is very similar to what we see happening now. There was a descending trend shown by the light blue upper resistance which was broken by strong volume, to then which the price line dropped down and bounced from that previous resistance line. This breakout and then bounce slowly turned into a bullish ascending triangle trend which broke out shortly after.
(Upper Right and Lower Right) UR graph shows M30 and LR graph shows H1 - In recent days we have seen this exact same pattern... We saw strong volumes break through the upper resistance created from 4.50 to 2.8-2.9, we broke out of that with strong volume, and the subsequent bounce from the previous resistance line. This breakout and then bounce slowly turned into a bullish ascending triangle trend which broke out shortly after.
(Lower Left) D1 graph of LINK/BTC. Strong parabolic trend observed which was not yet been broken with certainty. In fact, if this trend continues in consolidation, it should skyrocket.
Volume pattern - Volume is eerily quiet before this strong moves, and volume has been very quiet in the past few days for LINKUSDT. I also expect based on depth walls / patterns I'm seeing by buyers and traders on Binance that whales or big volume buyers are forming these triangle patterns. They haven't been budging when approached by the price line, so keep an eye out for this manipulation.
What I noticed was that these patterns are falling into place perfectly. At the end of the current ascending triangle (if that is what we are forming), is right around July 17-July 19. The ascending triangle I'm computing now should be broken by July 19.
If we break lower than 2.7-2.6 I would consider this invalidated, and look for subsequent downward action or a false breakdown which should rebound to 3.0 quickly. Also look for further/strong manipulation mentioned previously to change this trend.
My Price target based on fibonacci should be around $5.80 - $6.30
I looked at previous patterns, and the current = $LINKUSDT / $BTCUSDT pattern. I'm leaving out fibonacci retracement for simplicity as these graphs get messy.
(Upper Left) This shows the H2 log plot of LINK. What I noticed here was the pattern of the previous jump. What you notice is very similar to what we see happening now. There was a descending trend shown by the light blue upper resistance which was broken by strong volume, to then which the price line dropped down and bounced from that previous resistance line. This breakout and then bounce slowly turned into a bullish ascending triangle trend which broke out shortly after.
(Upper Right and Lower Right) UR graph shows M30 and LR graph shows H1 - In recent days we have seen this exact same pattern... We saw strong volumes break through the upper resistance created from 4.50 to 2.8-2.9, we broke out of that with strong volume, and the subsequent bounce from the previous resistance line. This breakout and then bounce slowly turned into a bullish ascending triangle trend which broke out shortly after.
(Lower Left) D1 graph of LINK/BTC. Strong parabolic trend observed which was not yet been broken with certainty. In fact, if this trend continues in consolidation, it should skyrocket.
Volume pattern - Volume is eerily quiet before this strong moves, and volume has been very quiet in the past few days for LINKUSDT. I also expect based on depth walls / patterns I'm seeing by buyers and traders on Binance that whales or big volume buyers are forming these triangle patterns. They haven't been budging when approached by the price line, so keep an eye out for this manipulation.
What I noticed was that these patterns are falling into place perfectly. At the end of the current ascending triangle (if that is what we are forming), is right around July 17-July 19. The ascending triangle I'm computing now should be broken by July 19.
If we break lower than 2.7-2.6 I would consider this invalidated, and look for subsequent downward action or a false breakdown which should rebound to 3.0 quickly. Also look for further/strong manipulation mentioned previously to change this trend.
My Price target based on fibonacci should be around $5.80 - $6.30
Comment:
Link very close to breaking the parabolic trend and has shown signs of weakness in the past few days, esp after breaking out of the ascending triangle pattern that should act as the base for this rocket. Short term view = Bearish
Hoping 9800 of BTC holds temporarily to give this one a boost.
LINK was one of the few altcoins not mimicking BTC movement exactly but that has changed in the past few days as I noticed they have aligned again. Sad! Hopefully this can bounce back.