Bad News for Chainlink
Updated
LINK/USDT had been looking surprisingly well recently even after the breaking down of an important support line - the .618 fibb, breaking back up through the resistance of the fibb line and into positive territory.
However, it has yet to successfully turn the resistance into support. And while it initially made a positive break up through the pennant it had created in the last week or so, it seems unable to hold its positive position above the tip of the flagpole.
Further analysis, including a personal signal generated in the last 12 hours, indicates that Chainlink may (and very likely will) indeed continue to head downwards.
Until it manages to make good the upwards break of the pennant, its anticipated next stopping point would be on or near the first purple cross at around the 1.25 mark. If it doesn't hold up at this point either, I expect its next most likely projected move to be around the next purple cross down.
There is still opportunity for LINK to hold the pennant break up and complete the small positive gain. But just like MATIC, LINK seems to be in sync with Big Brother BTC and I expect it will continue to match its movements like a pair of synchronised swimmers at the Olympics.
I am beginning to wonder if there is any point in watching these two as separate entities to bitcoin.
Cheerio!
___________
Likes, shares and comments are much appreciated.
However, it has yet to successfully turn the resistance into support. And while it initially made a positive break up through the pennant it had created in the last week or so, it seems unable to hold its positive position above the tip of the flagpole.
Further analysis, including a personal signal generated in the last 12 hours, indicates that Chainlink may (and very likely will) indeed continue to head downwards.
Until it manages to make good the upwards break of the pennant, its anticipated next stopping point would be on or near the first purple cross at around the 1.25 mark. If it doesn't hold up at this point either, I expect its next most likely projected move to be around the next purple cross down.
There is still opportunity for LINK to hold the pennant break up and complete the small positive gain. But just like MATIC, LINK seems to be in sync with Big Brother BTC and I expect it will continue to match its movements like a pair of synchronised swimmers at the Olympics.
I am beginning to wonder if there is any point in watching these two as separate entities to bitcoin.
Cheerio!
___________
Likes, shares and comments are much appreciated.
Note
It's all fun and games until it goes pear-shaped.If you were playing this ride, I hope you pulled out at 2.25 because we won't be seeing that figure on LINK again for a while.
At Purple Crypto Premium - we never trade crazy.
Note
Hey, if I got every single analysis right, people would start wondering which voodoo God I prayed to.Lesson learnt is to never trust the highly rigged and extremely volatile Binance daily trade extremes. From personal experience, I don't know if Binance can be trusted at all.
Onwards and upwards.
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