ChainlinkShort
LINK pattern playing out?
Updated
See some patterns that I've seen before. 31 day bull market to previous ATH, followed by a ~65% drop before the same pattern played out almost exactly the same over 62 days. I have mapped out the next bear market as twice that of the previous, but I think it will not be quite that long as the volume accumulation/distribution is still bullish overall, but it appears that we're reaching a top and about to see short EMAs cross below our longer term EMAs.
Looking at the moving averages, we even see drops and pumps occur at similar EMA crossovers in both bull phases. I would expect the next bear market to follow similarly.
It's clear that LINK is providing a special niche in the blockchain space and it's price moves independently of the rest of the market. Since it's moving on it's own, I don't believe that BTC/ETH price changes will alter LINK much.
Looking at the moving averages, we even see drops and pumps occur at similar EMA crossovers in both bull phases. I would expect the next bear market to follow similarly.
It's clear that LINK is providing a special niche in the blockchain space and it's price moves independently of the rest of the market. Since it's moving on it's own, I don't believe that BTC/ETH price changes will alter LINK much.
Note
Clearly did not play out, which is for the better as I was still holding LINK in Long position at the time of writing.Seems we have nice long term support at $6.50 and short term support at $8.50 which seems to be the more likely support level for at least the remained of the year.
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