LINKUSD - Wyckoff Method
Special thanks to stockcharts.com for the explanation of the events in a Wyckoff accumulation period. Read more here: https://school.stockcharts.com/doku.php?id=market_analysis%3Athe_wyckoff_method
I have no experience applying the Wyckoff method, so this is simply a study to see if anything stands out as being useful for understanding the past several months of sideways movement of chainlink.
I have no experience applying the Wyckoff method, so this is simply a study to see if anything stands out as being useful for understanding the past several months of sideways movement of chainlink.
Note
Lots of info on the chart. Adjust the time and price scales to make reading easier.I think we saw the "spring" and have a re-test prior to a strong markup in prices (SOS). Note, this is a very bullish view. I think another drop below the support would be a frightening shakeout/fakeout/spring.
Keep a long term view - if DeFi has a future (and it does), it's very likely that Chain.link will be at the center of it. Esp. as DeFi grows out of a proof of concept phase, and into new forms of disintermediation of existing financial systems.
Note
I currently expect link to revisit prices near $6, prior to a stronger (elliot wave 3) move up. This may be the anticipated "test," on this chart.
Note
Sitting at $6.1 at the moment. This might be the test.I can also see a possible Elliott Wave pattern that may resolve with prices below prior (recent) lows ($5 area).
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.