CHAINLINK October Trade PlanWe're approaching what could possibly be the last 2-4 weeks of the 4y cycle (October 17th - derived as 546 days from Halving to Top in prior two cycles). This time might be different, but this trade plan assumes the timing remains valid - until proven otherwise.
Throughout this cycle LINK has been responsive to HTF rejections from 3W order blocks and the 0.786 / 0.705 Fib Area (in March'24, and December '24), as shown.
When we extend a connecting trend line between these two pico tops, there is confluence with another 3W order block, the 0.705 / 0.786 area again AND our suggested cycle top date. This gives a Price Target and potential Short entry from $38-$42.
In the immediate short term, on the Long side, I'm looking for price to reach an 18H HOB at around $19.11 / 0.705 Fib, at the lower end of MTF channel trend support. There is an additional high probability support area (2D OB) at $17.91 for a potential lower entry.
Summary:
LONG from $19.11 (add at $17.91), Targets above $38
SHORT (Hedge or Isolated) from $38.77, Targets below $16
