Hey yall, it's been a minute since I posted a $LINK chart so I'll show you what I'm thinking about at the moment.
Overall market sentiment was pretty bearish for a moment there. However, I think that was a result of a massive inflow of new money via doge and scam BSC / cake swap tokens that were blowing up on tictok etc. Massive amounts of overleveraged new traders === obvious correction. In bull markets we want to see 20-30% corrections. That's weakness leaving the market and floors being established. How low will this coin go? Did it find a strong support? Or did it just keep going down like doge did from 40 cents all the way to 15 cents.
$LINK has been slowly climbing the pitchfork that I drew in the post that I linked as a related idea. We're still actually within the median and the upper 0.5 prong. Which is very solid. We're also seeing a pretty strong support being respected at the $30 dollar mark.
So trading wise? I'm accumulating more spot. I want as much $LINK as I can get before staking arrives. In lower time frames? We want to see 30 dollars respected. We also want to see the PA reclaim the middle band from the bollinger bands. And finally we want to see the 3 period Supertrend flip back to bullish. If all 3 of those things happen? I'll be entering long positions with a minimum price target of previous ATH.
I'm posting this as a neutral position for now though, because there's too much BTC volatility to really see a clear trend. Trend is your friend for trading. Long term? $LINK is the most incredibly important crypto in the entire world. It is the foundation for which all of defi is being built upon. $BTC will always be important and massive... but #DEFI will dwarf the bitcoin marketcap by orders of magnitude. $LINK will be in the center of all of that.
Overall market sentiment was pretty bearish for a moment there. However, I think that was a result of a massive inflow of new money via doge and scam BSC / cake swap tokens that were blowing up on tictok etc. Massive amounts of overleveraged new traders === obvious correction. In bull markets we want to see 20-30% corrections. That's weakness leaving the market and floors being established. How low will this coin go? Did it find a strong support? Or did it just keep going down like doge did from 40 cents all the way to 15 cents.
$LINK has been slowly climbing the pitchfork that I drew in the post that I linked as a related idea. We're still actually within the median and the upper 0.5 prong. Which is very solid. We're also seeing a pretty strong support being respected at the $30 dollar mark.
So trading wise? I'm accumulating more spot. I want as much $LINK as I can get before staking arrives. In lower time frames? We want to see 30 dollars respected. We also want to see the PA reclaim the middle band from the bollinger bands. And finally we want to see the 3 period Supertrend flip back to bullish. If all 3 of those things happen? I'll be entering long positions with a minimum price target of previous ATH.
I'm posting this as a neutral position for now though, because there's too much BTC volatility to really see a clear trend. Trend is your friend for trading. Long term? $LINK is the most incredibly important crypto in the entire world. It is the foundation for which all of defi is being built upon. $BTC will always be important and massive... but #DEFI will dwarf the bitcoin marketcap by orders of magnitude. $LINK will be in the center of all of that.
