Thoughts provided in the text bubbles on the charts. No clear conclusion can be made by looking at these three time frames. There is upward pressure but the indicators show to me that link is set up to dump... Therefore we must look at more time frames to see if we can get a different view and a more clear idea of what is to come.
The areas marked are to compare...
In depth description is given within the text bubbles on the chart.
Overall the technicals are looking very bullish and are indicating that we are still in a long term bull trend.
If you don't hold link I would look to accumulate on any dips. Im expecting some sort of shakeout to occur before going up but it will be just that, a shakeout meaning you will have to...
The chart is the inverse of BTC dominance.... aka alt dominance.
It looks like we are setting up for a surge in alt coin dominance. At the very least we will be seeing some upward pressure due to what we are seeing in the 4day time frame. If the upward pressure leads to a substantial increase in alt coin dominance then this may snowball into a full blown "alt season"
Looks like BTC dominance is going to have a small dip or at least consolidate for a day or two.
There is a lot more upward pressure in higher time frames so that is why I'm saying this will just be a small dip or consolidation.
To me it looks like we have another good pullback ahead of us. Notice how low the red RSI is in the 12h time frame.
We will likely have some upward pressure lasting until the white energy comes back down and exhausts in either the 3 or 6 hour then switch back to downward pressure.
This is when we need to see consolidation instead of a dump. If it consolidates...
If the upward pressure in the lower time frames can "snowball" into the 6h and the green can turn up to make contact with the red RSI we stand a chance at having a decent pump.
We want to see the price go up strong (green line go up strong with the energy) in the 45 minute time frame to start.
We may need to consolidate in order for the long entry to become more clear
I will update this idea when I think there is a "cleaner" opportunity to enter a long position. If you check my short term idea then you will see those time frames are looking bullish but we want a good entry using the NEAR term time frames as well to maximize profits.
Looking like we have room to run up in price over the next couple of weeks.
When trading chainlink we have to be careful because it does tend to have strong swings back and forth, especially if BTC has a dip or dump.
Depending on what we see in the next few days 17-18$ would be our next target. This would put our ATH within reach.
We will see how it plays out. With BTC looking bullish this increases my bullish sentiment on link as BTC pumping drags up alts' USD values. This can make them look more bullish on various indicators.
This is looking very bullish in the longer time frames. Remember if you are going to make a long entry especially on margin you will want to wait for a good entry. We are looking at the 1 week 2 week and 3 week time frames in this publication so there could be a good pullback in the shorter term time frames. If there is interest I will post more and give a good...
I would say that if the red RSI closes above 50 on this daily candle we are safe for entry.
It currently looks safe for entry but if the price dumps the red RSI can be "pushed" down back below the 50. If the red RSI closes below 50 we would be in danger of falling down when the white energy in the 12h time frame exhausts. That is why I say we must wait for the red...
Overall from what I am seeing in these time frames it does NOT look like we are ready to enter a bullish trend in the mid term time frames. We are likely to trade sideways at best allowing time for the green to come out to the side and get above the white energy and the red RSI to come up above 50. At worst the green line falls with the energy and stays below it...
For now it is looking like we need more time to consolidate at these levels to allow time for the green line to go out to the side as the energy falls. This would set us up for a bullish trend once the energy starts to come back up
We may see a "small" move up based on what we see in the 1 day time frame but for a big PUMP we need to see similar action in those 2...