LINK Chainlink: Check Up On The 1D
Hello friends, as many of you know, I enjoy writing an in-depth analysis along with my chart. Though I want to do that with every chart I show, I don't have the chance to show more charts as it takes time writing out the analysis. So moving forward, you will see me mix up the charts with in-depth analysis as well as short analysis. I hope you understand and continue to like and comment on the content provided. Thank you!
Quick Analysis on Chainlink (LINKUSD) on a 1D Linear Chart:
1) I shows a multi-month trendline from March 2020 which has supported the Chainlink price.
2) Recently, a Double Top Pattern (bearish) was formed with a strong bounce moving up. This may get invalidated if the price continues upwards or consolidates slowly upwards.
3) On a multi-month scale, a Head and Shoulders Pattern is in sight and we need to be careful as this is a very bearish pattern.
4) The Volume is healthy.
5) The price got a strong push up from the support trendline right after the crypto crash showing that the price doesn't want to fall below the trendline.
6) It is very important that Chainlink remains above the support trendline, otherwise it could get really bad very quickly.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Quick Analysis on Chainlink (LINKUSD) on a 1D Linear Chart:
1) I shows a multi-month trendline from March 2020 which has supported the Chainlink price.
2) Recently, a Double Top Pattern (bearish) was formed with a strong bounce moving up. This may get invalidated if the price continues upwards or consolidates slowly upwards.
3) On a multi-month scale, a Head and Shoulders Pattern is in sight and we need to be careful as this is a very bearish pattern.
4) The Volume is healthy.
5) The price got a strong push up from the support trendline right after the crypto crash showing that the price doesn't want to fall below the trendline.
6) It is very important that Chainlink remains above the support trendline, otherwise it could get really bad very quickly.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
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