If so, we're breaking out of a multi-year range/channel.
If not, we're headed down to at least ~$5
If not, we're headed down to at least ~$5
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Broke out and retesting as support? All small scale still so doesnt matter too much until we see a LARGE move.
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Some support and resistance levels I've been watching,
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All that's left is to close a weekly, or at the very least a daily candle above and outside of the white channel:
Shorter time frame update:
Shorter time frame update:
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Breakout more or less confirmed. It's crypto, and it's LINK so anything could happen, but LINK hasnt moved like this with this sort of volume in a while, so assuming we keep the moment going, here's the upcoming levels that based on historical PA may act as resistance.
Keeping it simple here, no fibs, gartlys or anything too complicated. Fundamentals are all that matter for this token, and if you don't know about them, i encourage you to read up elsewhere. chain.link/whitepaper
Keeping it simple here, no fibs, gartlys or anything too complicated. Fundamentals are all that matter for this token, and if you don't know about them, i encourage you to read up elsewhere. chain.link/whitepaper
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Now, just for fun because I'm NOT trading LINK (purely investing for the long term) I'll do some shot in the dark speculation on short term PA.
I think perhaps we could bounce a little, or otherwise get another big move up while staying above the trend line i drew here in white
However, almost without a doubt, we will need to correct and come below that trendline in the next couple weeks (or even just days). As you can see, when we zoom out, you see just how absurdly steep the trend is.
Even my shot in the dark guess (only 2 points of contact for now, not a real line until at least 3,) at a fall back/larger picture trendline of support (in thick yellow) is still quite bullish. But i could see us falling through the white sometime in the next few days/weeks, and then using the thick yellow as continued support IF we are going into full bull mode. Otherwise, expect us to break down below the yellow as well at some point in the near-ish future.
(hopefully i got these image links right, writing this in a rush)
I think perhaps we could bounce a little, or otherwise get another big move up while staying above the trend line i drew here in white
However, almost without a doubt, we will need to correct and come below that trendline in the next couple weeks (or even just days). As you can see, when we zoom out, you see just how absurdly steep the trend is.
Even my shot in the dark guess (only 2 points of contact for now, not a real line until at least 3,) at a fall back/larger picture trendline of support (in thick yellow) is still quite bullish. But i could see us falling through the white sometime in the next few days/weeks, and then using the thick yellow as continued support IF we are going into full bull mode. Otherwise, expect us to break down below the yellow as well at some point in the near-ish future.
(hopefully i got these image links right, writing this in a rush)
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I'm going to pretend my post going out caused this, thus invalidating myself.
Realistically though, i still expect a testing of the white trend with a few bounces at some point in the near future (white box) with an eventual drop to SOME lower support level that could possible coincide with some new, less steep upwards trendline, such as the thick yellow one.
Realistically though, i still expect a testing of the white trend with a few bounces at some point in the near future (white box) with an eventual drop to SOME lower support level that could possible coincide with some new, less steep upwards trendline, such as the thick yellow one.
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As i said, im NOT trading
LINK
, however, if you were, and we're following a plan similar to what i outlines above, it would have gone perfectly.
Re my last update, if i had been trading:
- We did end up testing the white trendline with a bounce, i would have bought a bit more in the pink circle.
- Either through a market sell or by trailing stop loss, i would have sold somewhere in the orange, since as i said, i didn't expect the white line to hold for more than a few bounces.
- And after seeing such a perfect ping off the prior support level (red line) i would have probably bought some more in the blue area, though admittedly, probably not 100% re-buy in as i was keeping my eye on a larger pull back to a lower level, like possibly around 8.8 or on the yellow trend line.
LINK
, however, if you were, and we're following a plan similar to what i outlines above, it would have gone perfectly.
- We did end up testing the white trendline with a bounce, i would have bought a bit more in the pink circle.
- Either through a market sell or by trailing stop loss, i would have sold somewhere in the orange, since as i said, i didn't expect the white line to hold for more than a few bounces.
- And after seeing such a perfect ping off the prior support level (red line) i would have probably bought some more in the blue area, though admittedly, probably not 100% re-buy in as i was keeping my eye on a larger pull back to a lower level, like possibly around 8.8 or on the yellow trend line.
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Currently at one of my (admittedly MANY) long term support/resistance levels, but seem to be making a decent little pennant up here for a push through. As always though, TA formations and patterns like this are not exactly reliable on these smaller timeframes and with a market as turbulent as crypto.
Reminder, im not trading link, just updating for fun, i just DCA in on dips.
Reminder, im not trading link, just updating for fun, i just DCA in on dips.
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Oh boy, stay tuned! Up or Down?
I hope down so i can get more.
I hope down so i can get more.
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New post
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Reminder for all those following along that we've moved to a new post with updates there,
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