LINK / BTC 4H -- Key Level
Updated
Hello everyone. There are several ideas that I'd like to mention:
1. We have consolidated quite strongly above the former price channel (from July - Jan). This may mean a new trend entirely, as shown in the chart.
2. Using fib levels from the start of this entire run up (Jan. 3rd) and on the short term retracement from 15447, it seems there is a harmonic resistance level at 13700 - 13800. The 0.5 fib on the retrace and the 0.236 on the uptrend line up nearly perfectly. Of course this can vary a little based on exactly where you consider the beginning of each trend.
3. This level is even stronger since the 50 period moving average (which the chart has consistently bounced off of since Jan. 3rd) is lining up perfectly. The new ascending channel line also is very close. Hopefully this signifies a strong bounce.
With all of this, link/btc is seeming very bullish. If this level can be broken through, I expect the recent ATH to be broken quite soon.
1. We have consolidated quite strongly above the former price channel (from July - Jan). This may mean a new trend entirely, as shown in the chart.
2. Using fib levels from the start of this entire run up (Jan. 3rd) and on the short term retracement from 15447, it seems there is a harmonic resistance level at 13700 - 13800. The 0.5 fib on the retrace and the 0.236 on the uptrend line up nearly perfectly. Of course this can vary a little based on exactly where you consider the beginning of each trend.
3. This level is even stronger since the 50 period moving average (which the chart has consistently bounced off of since Jan. 3rd) is lining up perfectly. The new ascending channel line also is very close. Hopefully this signifies a strong bounce.
With all of this, link/btc is seeming very bullish. If this level can be broken through, I expect the recent ATH to be broken quite soon.
Note
The lines for the new channel I drew weren't drawn precisely, kind of rushed them for the idea. With slight adjustment, it can be seen that they have several touches each.
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