LINK has been forming a nice triangle with higher lows!
Right now we could see a nice breakout.
And now it is testing its previous resistance as new support.
If everything goes well we can expect a bug movement up!
My PT is between 49-51.
and BTW: WELCOME TO ALTSEASON, BBY!!!
$LINK has an inevitable journey to $100 in the not too distant future. It's 3x Leveraged Counterpart on $FTX can do an easy 30x from here, and possibly more as $LINK makes its way towards a $50B MCAP this year. Probably the easiest set and forget trade this year.
For only FTX users and potentially similar setups on other platforms.
Looking at LINK.USDT and LINKBULL, there are similarities. Having the advantage of knowing that LINK.USDT broke a key level and might retest it, gives me the idea that this
could also be an opportunity.
We have an ascending triangle and its more likely the 3rd touch on top will give...
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Keeping this short:
> Looks like a bottom formation is taking place;
> LINK has done a good bounce from the 0.618 macro level (refer to link post below);
> MACD giving bulling sign;
> Structure is anticipated as a bottom elliot correction wave with the ABCDE strucuture, for now;
> High risk, high gain;
Inverse HnS, followed by a falling wedge.
That was Bitcoin's market structure just when it revered from the bear market.
Except LINK has taken 16 days to do what took bitcoin 79 days to complete.
Will the fractal repeat itself?
I will see how this bounce playouts, but since we went so fast down from highs, I dont belive anymore that $10 will be the lowest chainlink will tuoch this autumn.
Safer longs should be around $6-$8, you could also play short.
Position yourself the best way for the bull run by getting a good entry with high ROI. I think it will consolidate in this formation chartered here. Any buy between 10$-13$ is great!
If you want to play short, there are clear levels to short and levels to TP, play it safe!