LINKUSD forming a h&s inside a symmetrical triangle on the 1wk
Updated
We can see on the weekly chart that LINKUSD has formed a symmetrical triangle(bullish) with an ascending head and shoudlers pattern inside it(bearish). When we take a measured move o each patterns potential breakout target we can see that the bullish symmetrical triangle pattern has a breakout target of around $75 or so (depending where it breaks up from the triangle at). Transversely, the bearish head and shoudlers breakdown target is roughly negative 19 to negative 20 dollars. When we consider chainlink’s utility and fundamentals, to em it is clear that probability much more highly favors a break to the upside instead of a break that would take it into negative territory. *not financial advice*
Note
One thing to keep in mind is that the top trendline of the triangle only has two touches so far so there is a slight chance that the real top trendline o the triangle may be at a slightly different angle…we will have to wait and see.
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