Wyckoff Accumulation Phases for $LINK
LINKUSDHi people,
Last time I published an idea here was almost 4 years ago which I DCA'd into Link token. Price went all the way up to $50's. Twas all sunshine and rainbows with price predictions of 1KEOY all over twittersphere. Then came the bears.
During this cold season and absolute shitshow going on in cryptospace, Link token and fellow marines (which I consider myself one) experienced a heavy decline with considerable depreciation against BTC and therefor USD.
Finally after this ugly cold bear season here we are again with a possible Wyckoff accumulation phase. Congrats to fellow marines who managed to survive till now. It's still cold out there but bears are ready to hibernate.
Here is my 2 cents on current LINK/USD chart:
Chainlink has spent months in this zone printing a choppy sideways PA. With all
LINK fundamentals available I think we are ready for a strong price markup.
First phase of staking is completed.
CCIP, DECO all getting ready to roll out.
On March 2023, Swift will implement and start ISO 20022 migration. Which is a huge thing for LINK.
Link partnerships are at ATH, Chainlink dominates.
I expect CCIP (Cross Chain Interoperability Platform) maybe rolled out around that SWIFT timeframe.
Chainlink Labs is hiring talent relentlessly.
IYKYK.
With most of my LINKs already staked I once again started to accumulate some more for long term hodl'ing.
On my chart you can see possible Wyckoff accumulation phases. I happen to prefer horizontal levels for my analysis, which works better for me. Preliminary supply, selling climax, change of behavior, secondary tests, upthrusts all there.
TBH I would expect that spring action go lower but I learnt from experience that during these kind of silent and boring days market can move pretty quick and leave you behind.
As old adage says: never short a dull market.
Now it's a waiting game for me. I already staked my tokens and feeling comfy (can't move them anyway).
And with my new linkies in my wallet I'm feeling confident on my analysis.
Let me warn you tho. I have strong opinions weakly held. I'm willing to react as market situations evolve.
I'll try to keep this chart updated. Stay safe.
LFG!
Not Financial Advice. Educational purposes only. Please manage your own risk.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.