LINK/BTC - major move ahead | falling wedge close to breakout
LINK/BTC is moving closer to the tip of a big falling wedge which formed over the past two months which meant it under-performed against most bulls expectations and ranged between 26$-32$ during most of that time which made for a frustrating experience for bulls while the rest of the market boomed.
Now the falling wedge is nearly completed and the closer it moves to the tip the more likely and volatile the breakout becomes.
47k / the mid-40k sats range has acted as strong support so far as it was prior resistance of the previous low which formed between December and January.
We can see bullish RSI divergence on most time frames since the low on the 15th of march and if LINK manages to bounce from here it will also have formed a double bottom.
There is still the possibility of it dropping down into the 44-46k sats range to test the lower trend line and 0.786 fib-level again while keeping the setup intact so if you decide to use a stop loss keep that in mind and use it as a buying opportunity.
Buy zone: 44k-52k / tip of the falling wedge or re-test of the upper trend line after breakout (see chart)
Targets: 62-66k / 85k, targets higher than that will have to be evaluated once there's more info on the chart and I'll post an update if that happens
Fundamentally Chainlink is one of the strongest projects on the market and every solid long-term portfolio should include at least a bit of LINK in it in my opinion.
Chainlink is one of the 5 new coins included in Grayscale's Trust and compared to all the other coins they added which ran up to 50-100%+ since the news hit, LINK hasn't had a proper pump yet which makes me even more bullish for the future and confident that we're currently presented with a good buying opportunity.
Best of luck and let me know what you think!
Now the falling wedge is nearly completed and the closer it moves to the tip the more likely and volatile the breakout becomes.
47k / the mid-40k sats range has acted as strong support so far as it was prior resistance of the previous low which formed between December and January.
We can see bullish RSI divergence on most time frames since the low on the 15th of march and if LINK manages to bounce from here it will also have formed a double bottom.
There is still the possibility of it dropping down into the 44-46k sats range to test the lower trend line and 0.786 fib-level again while keeping the setup intact so if you decide to use a stop loss keep that in mind and use it as a buying opportunity.
Buy zone: 44k-52k / tip of the falling wedge or re-test of the upper trend line after breakout (see chart)
Targets: 62-66k / 85k, targets higher than that will have to be evaluated once there's more info on the chart and I'll post an update if that happens
Fundamentally Chainlink is one of the strongest projects on the market and every solid long-term portfolio should include at least a bit of LINK in it in my opinion.
Chainlink is one of the 5 new coins included in Grayscale's Trust and compared to all the other coins they added which ran up to 50-100%+ since the news hit, LINK hasn't had a proper pump yet which makes me even more bullish for the future and confident that we're currently presented with a good buying opportunity.
Best of luck and let me know what you think!
Comment:
First target at 66k reached, let's go!
