Chainlink/BTC -- Where to from here? Do we begin a new cycle?
Similar to the Link/USD chart I shared yesterday, there are a few indicators to consider on the Link/BTC chart.
I do think Link is vulnerable here. It has had a high-yield year, and it might need a deep correction. There certainly was distribution at the June ATH and the following triple-topped bounce.
I don't personally follow rich lists to gauge accumulations, but some data apparently suggests that rich listers are still accumulating.
On the other hand, some early wallets have been transferring to exchanges as well--presumably to derisk.
I don't have much more than the obvious:
*The 289 EMA is the one I've been watching. We are still above it.
*There is divergence on the daily RSI, but it needs to bounce soon rather than these little descending, weaker bounces.
*I've been experimenting with time periods more lately. Similar to the USD chart, and further confirmation that the ATH and triple-top bounce are versions of the early 2018 correction, you can see comparing the two cycles that the first major corrections is within 1% of the July/August first peak correction. Furthermore, the bounce we are just ending lines up to the day!! (113 days) to the final corrective bounce in 2018. Again, this is just data. It will be interesting to see if we begin a new cycle for Chainlink here--whether that cycle is up or down.
The Weekly Stoch RSI could bottom any day or next week. So also something to keep eyes on. I'll share a weekly chart below.
I do think Link is vulnerable here. It has had a high-yield year, and it might need a deep correction. There certainly was distribution at the June ATH and the following triple-topped bounce.
I don't personally follow rich lists to gauge accumulations, but some data apparently suggests that rich listers are still accumulating.
On the other hand, some early wallets have been transferring to exchanges as well--presumably to derisk.
I don't have much more than the obvious:
*The 289 EMA is the one I've been watching. We are still above it.
*There is divergence on the daily RSI, but it needs to bounce soon rather than these little descending, weaker bounces.
*I've been experimenting with time periods more lately. Similar to the USD chart, and further confirmation that the ATH and triple-top bounce are versions of the early 2018 correction, you can see comparing the two cycles that the first major corrections is within 1% of the July/August first peak correction. Furthermore, the bounce we are just ending lines up to the day!! (113 days) to the final corrective bounce in 2018. Again, this is just data. It will be interesting to see if we begin a new cycle for Chainlink here--whether that cycle is up or down.
The Weekly Stoch RSI could bottom any day or next week. So also something to keep eyes on. I'll share a weekly chart below.
Comment:
Here is the weekly Link/BTC chart. The 50 EMA looks like it would need to be shown as support. But most likely it would not actually hold since it isn't coincidental with other significant horizontal supports. From a time cycle perspective, Link making its move--either up or down--from where it currently is would make more sense.
Comment:
Daily Link/BTC chart. Inverted hammer sitting directly on the 50 EMA. Provided volume confirms the uptrend, this looks positive to me.
