Welcome back traders, the Alt market has been a crazy place over the last couple months. First we will take a look at LIND/USD, and then compare it to the market as a whole:
As we can see on the 4h chart above, Chainlink has been trading down and sideways along with the alt market for the last several weeks. Are we starting to see the downtrend break? Although the ALT market did set new local lows in June, Chainlink never did, maintaining support by a narrow $0.001. This conflictualy formed both a double bottom, and a bearish triangle. The current breaking of this bearish triangle of course is very bullish. You will notice two different hypotenuse trendlines, one red and one yellow. The yellow is, in my opinion, the best fit for the local trend on link. The red, however, uses almost the exact same coordinates and the same time frame as the Alt market chart below, for the best comparison. Although the triangle is a great tool, an even better bullish confirmation would involve link reclaiming SMA s/r blanket.
As you can see, where Chainlink has broken the bearish trend, the CRYPTO TOTAL MARKET CAP EXCLUDING BITCOIN (ALT) market has not quite made it there yet. Although we have not seen a clear break in the trend, we are well above the 10 Simple moving average(SMA) and approaching the 180SMA. If the downtrend does break, we may see a test of the highest volume node of the visible range, at about 866.318B. That could set the stage for both the ALT Market, and Link especially, for some SERIOUS recovery.
It is noteworthy that although my current prerogative is bullish on ALTs, and especially LINK, I am begrudgingly not invested in the crypto space currently, and if ALTS fail this test of resistance, it will likely pull Link back into a sideways/downtrend with it.
Disclaimer:
This is NOT trading advice! These are my opinions that I have posted for educational purposes ONLY. Trading comes with great risk, which should be managed carefully. You should never trade anything more than you are willing to lose. I hope you all kill it, but I am not responsible for any financial loss or damages. Thanks for reading!
As we can see on the 4h chart above, Chainlink has been trading down and sideways along with the alt market for the last several weeks. Are we starting to see the downtrend break? Although the ALT market did set new local lows in June, Chainlink never did, maintaining support by a narrow $0.001. This conflictualy formed both a double bottom, and a bearish triangle. The current breaking of this bearish triangle of course is very bullish. You will notice two different hypotenuse trendlines, one red and one yellow. The yellow is, in my opinion, the best fit for the local trend on link. The red, however, uses almost the exact same coordinates and the same time frame as the Alt market chart below, for the best comparison. Although the triangle is a great tool, an even better bullish confirmation would involve link reclaiming SMA s/r blanket.
It is noteworthy that although my current prerogative is bullish on ALTs, and especially LINK, I am begrudgingly not invested in the crypto space currently, and if ALTS fail this test of resistance, it will likely pull Link back into a sideways/downtrend with it.
Disclaimer:
This is NOT trading advice! These are my opinions that I have posted for educational purposes ONLY. Trading comes with great risk, which should be managed carefully. You should never trade anything more than you are willing to lose. I hope you all kill it, but I am not responsible for any financial loss or damages. Thanks for reading!