If Elliot Wave Theory plays out the way it should LINK could have one more leg up. Currently sitting at previous resistance and 0.618 Fib level which is positive BUT we are getting bearish divergence meaning this crazy run could be running out of steam. MacD has also printed a bearish cross with plenty of room to run to the downside. Only time will tell.
Assuming BTC does do a wonderful belly flop, which it might.....
LINK has a very decent chance of bouncing here. I think worst case we wick to 2.08 > 2.02(maybe we see a quick high 8ks BTC)
But we have retraced greater that 50% from ATH USDT, and about 42% from ATH Sats
Usually in the past we retrace about 35%-38% in Sats and around that much in USDT.
I think...
LinkUSD has been by far one of the best performing cryptocurrencies this year, with one of the best teams and projects out there this is a solid project LONG TERM, but right now is showing some bearish signs for the SHORT TERM.
After the massive uptrend for the last few weeks, Link has started to fall and the previous area of support around 3.20, has been...
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...
It seems that we are going lower as two clear BEAR flags have formed when looking at 1hour chart.
Entry or buy zone with yellow. If it falls furter to 2.8, them Stop Loss activated. If we brake 2.8 usd we go down to 2.2 for sure.
2 bearish wedges formed during consolidation in a longer term descending triangle. Price action was driven down further after breakdown of both bearish wedges. Supports/buy zone ranges between $2.9 and 3.2.
Pulled back to its immediate intraday support level here. Cluster/sandwich/FTR thing (fuck knows, I am shit with the advanced Supply/Demand stuff) that I've shown to the left. Basically a consolidation between two impulsive moves.
Clear target(s) if it loses the blue box, also a good take profit signal for existing longs if it rolls over.
LINK has been the best performing coin of 2019 and one of the most exciting projects in the crypto space, I'm extremely bullish in the long term and we might see it in the top 10 pretty soon.
But right now volatility has shrunk incredibly with the ATR falling rapidly and the donchian channels becoming more narrow.
The loss of volatility usually happens before a...
![LINKUSDT: [12hr] SNIFF...SNIFF...CAN YOU SMELL THE STINKY?](https://s3.tradingview.com/2/2lWmyUat_mid.png "[12hr] SNIFF...SNIFF...CAN YOU SMELL THE STINKY?")
