$LINK: Shifting from an original pitchfork to a Modified Schiff.
Both of these charts are the same except for the change from an original Pitchfork on the left to a Modified Schiff on the right. I think it's pretty fascinating to see how the different level's we're seeing are captured perfectly by these different versions of the same tool. I'll try and list things that I think are interesting on the left and right and compare the two.
- On the left chart the ATH wick of $35.78 comes very close to touching the purple 2.0 deviation on the standard pitchfork. Compared to the modified pitch on the right who's 1.0 deviation acted as resistance. However, the wick didn't come nearly as close on the right than it did the left.
- After the test and rejection of the 2.0 and 1.0 deviations, we saw price action retrace back to that S/R level of $32 and we established a higher low. Notice how on both the left and right, the 1.0 and the median lines both act as pretty clear support, while the standard left doesn't quite touch the 1.0, while the right modified pitch median allows the wick to pass through a tiny bit.
- Now we're looking at this last 4 hour candle. On the left standard, we see the price action starting above the 1.0 median line, but when we look closely at the right hand modified pitch chart? You can see how it perfectly bounces and starts off that median line.
- Finally we're looking at the two red support lines that I drew in parallel on the charts. They're both at the exact same level. If the price action were to test that line in the future? On the right hand chart you'd see pretty clearly that it was breaking below the median and that might be concerning... but if you use both charts you'd see that if the price action were to touch that support line? It would be perfectly captured by the standard pitch's 1.0 blue deviation line on the left.
- If you look at price action that doesn't quite hit on a certain support or level, quite often you're able to see that PA captured perfectly on the other chart.
TL:DR - Using both standard on the left and modified schiff on the right, we can use the slightly different versions of the charting tool to see a lot of confluence between the areas of support that $LINK is respecting on its monster climb towards $100 dollars. I'm very very bullish on Chainlink fundamentals, and the technicals are truly awesome to chart as they follow these fib and pitchfork levels to a tee. I won't ever give financial advice... but I will say that I personally, am buying and holding as much $LINK as I possibly can in these next few years. The future is bright with the possibilities that decentralized verifiable data provides. Good luck marines :)
- On the left chart the ATH wick of $35.78 comes very close to touching the purple 2.0 deviation on the standard pitchfork. Compared to the modified pitch on the right who's 1.0 deviation acted as resistance. However, the wick didn't come nearly as close on the right than it did the left.
- After the test and rejection of the 2.0 and 1.0 deviations, we saw price action retrace back to that S/R level of $32 and we established a higher low. Notice how on both the left and right, the 1.0 and the median lines both act as pretty clear support, while the standard left doesn't quite touch the 1.0, while the right modified pitch median allows the wick to pass through a tiny bit.
- Now we're looking at this last 4 hour candle. On the left standard, we see the price action starting above the 1.0 median line, but when we look closely at the right hand modified pitch chart? You can see how it perfectly bounces and starts off that median line.
- Finally we're looking at the two red support lines that I drew in parallel on the charts. They're both at the exact same level. If the price action were to test that line in the future? On the right hand chart you'd see pretty clearly that it was breaking below the median and that might be concerning... but if you use both charts you'd see that if the price action were to touch that support line? It would be perfectly captured by the standard pitch's 1.0 blue deviation line on the left.
- If you look at price action that doesn't quite hit on a certain support or level, quite often you're able to see that PA captured perfectly on the other chart.
TL:DR - Using both standard on the left and modified schiff on the right, we can use the slightly different versions of the charting tool to see a lot of confluence between the areas of support that $LINK is respecting on its monster climb towards $100 dollars. I'm very very bullish on Chainlink fundamentals, and the technicals are truly awesome to chart as they follow these fib and pitchfork levels to a tee. I won't ever give financial advice... but I will say that I personally, am buying and holding as much $LINK as I possibly can in these next few years. The future is bright with the possibilities that decentralized verifiable data provides. Good luck marines :)
