Chainlink (LINK) accumulation until May then on to $100+ *UPDATE
The RSI is forming into a nice descending wedge. Likewise LINK is shaped into a horizontal triangle with its apex pointing dead smack into mid May. Take this opportunity to increase your bags, buy it cheap should it touch the base of the triangle. I am of the opinion we have confirming indicators that all point to the same place -> Sideways action then BOOM!
I am going short on bitcoin unless it breaks above ATH and stays there which I don't think it will do. BTC is forming a similar triangle pattern that LINK has long established with its apex pointing towards July! Come a second wave of breakouts LINK and other alts will go first, followed by a second big surge from BTC.
As always, this is my opinion and not financial advice.
I am going short on bitcoin unless it breaks above ATH and stays there which I don't think it will do. BTC is forming a similar triangle pattern that LINK has long established with its apex pointing towards July! Come a second wave of breakouts LINK and other alts will go first, followed by a second big surge from BTC.
As always, this is my opinion and not financial advice.
Comment:
Where I went wrong on this timing analysis: I overlooked the flash wick which touched the bottom half of the channel back on 12/23. Had I factored that in, as part of the greater move, I could have seen a more bullish scenario early on.
LINK still is fighting in the middle half of the channel, which can be a bearish sign if it doesn't stay above the mid line. Overall the greater trend is bullish continuing to push higher lows along with higher highs. I have zero doubt we will reach 100+ this bull run.
LINK still is fighting in the middle half of the channel, which can be a bearish sign if it doesn't stay above the mid line. Overall the greater trend is bullish continuing to push higher lows along with higher highs. I have zero doubt we will reach 100+ this bull run.
Comment:
EYE OF THE NEEDLE: Here we are, mid May and look what happened, a perfect touch to the bottom of the channel "Exactly as I predicted". I hope you had your limit orders in, because I sure as hell didn't. That's okay though, holding a nice bag of linkee's so we should be alright.
Note: I put the 1,2,3,4,5 down more or less as a shape of things to come. I personally think Elliott Waves is far too dated and can not be used to accurately predict market moves. It is however still a good tool of forecasting the general shape and direction of a move.
Note: I put the 1,2,3,4,5 down more or less as a shape of things to come. I personally think Elliott Waves is far too dated and can not be used to accurately predict market moves. It is however still a good tool of forecasting the general shape and direction of a move.
There is always a possibility $BTC picks up steam pushing alts back down. If so we might see a return towards support at the $23 dollar levels.