Is this the bottom? who knows?
Some strong signals here though that come around every few months sometimes the wait is longer.
Should it go on to make a lower low on the chart, look for a hidden bullish divergence in the rsi which is signalled by a higher low in the rsi but a lower low in the price action. Strong resistance up ahead. My target to take profit is...
Potentially a strong support for Bitcoin will be this ascending triangle support that equally matches the 100 EMA on the weekly timeframe. It would be scary but structurally sound and poised for continuation moving forward.
Short term Bearish, Long term Bullish.
Compared to my previous post this is the more bearish scenario. With this descending triangle, a bearish continuation pattern. Once again its all about support and resistance. Lose the red line or break through the green line. Two key areas to possibly look out at the moment.
Wait for the break and back test of resistance for new support and keep eyes on BTC. BTC dominance is pretty low so LINK could just break away.
Some bullish news recently for LINK as wall may help it on its way but don't count on it.
Its all about support and resistance at the moment. For anyone searching for a trade this could be a possibility. We are in a down trend at the moment so wait for a break to the upside or downside and confirm resistance or support and always use tight S/L. Good luck.
Sometimes you need to Zoom out to see the bigger picture.
Its like staring up at the clouds and you have to call out the shapes you can see, some people see things that others do not. I see a cup and handle. What do you see?
