ETH macro trend looks to be a repeat of last pump and dump While looking at ETH on trading view with the time length on all it shows an eerie resemblance between our current price and the one shown in the chart. The two points that I am talking about are the highlighted circled areas. In my opinion it seems as if we are on the edge of a giant cliff and according to trends and overall macro economic weakness due to inflation it seems highly likely that ETH may fall off the edge of the cliff. This is my personal stance at the moment although for the past few years I had my head in the sand and blind fully thought that ETH would continue further up to 7 k when it hit its all time high at $4,900 in November of 2021. I did not sell. I couldn't sell. I had almost half of my ETH holdings staked and locked away. I initially got into ETH at $1700. I rode the wave to $4900 all the time buying more. I then saw the wave crash to $800. It has since recovered to $2000 to come back down to current prices of about $1530 at this time of writing on Tuesday august 30th at 1 pm. There is another test on the 6th of September before the long awaited merge to ETH 2.0. While the merge may be one of the biggest engineering accomplishment's of all time I do expect the price to fall upon merging. My reasoning for this is because the merge is only one of many merges and the overall ETH ecosystem is still in it's infant years so to speak. This merge to eth 2.0 will not immediately reduce transaction fees known as gas fees. Eth will still be slow and expensive. But nevertheless, the merge, if done successfully will pave the way for ETH to grow into it's pants and become a several trillion dollar business that will reward share holders with a generous 4-6 % yield on their investment. It will only take time. Be patient and good luck in your investing/trading!
Bullishlongterm
$LINK: Pitchfork call was right... so far.Just checking in on $LINK after that wicked dump. We've seen it before and if we copy that bars pattern and compare it to current PA? We see that the test and bounce is usually followed by some consolidation before it's able to get enough momentum to fight back up above that median. If it does follow this fractal perfectly? (which it won't) The full parabola would align with an end of summer pump as crypto did in years past too. Generally end of year has been when things get absolutely nuts. We'll see if that happens!
- On the bounce and coming retest, i'd love to see that previous ATH of 19.50 hold?
- $LINK is and has always been extremely bullish fundamentally. We're buying more spot here and DCA'ing into growing our position at these prices for sure.
- Called the pitchfork bounce last week, we could honestly even see 10 dollars and still be maintaining our bullish macro structure.
Again... Everyone that I talk to about $LINK I strongly recommend buying small amounts consistently over time. Timing the market tops and bottoms is for fools. I firmly believe in the future of $LINK and the #Chainlink network. Everything in the world that uses smart contracts will be using and relying on this technology and everyone has to pay to participate. Corporations need to Buy, Hold, and Spend $LINK. Us small investors will benefit from this demand greatly.
$LINK: Will the $30 level hold?Hey yall, it's been a minute since I posted a $LINK chart so I'll show you what I'm thinking about at the moment.
Overall market sentiment was pretty bearish for a moment there. However, I think that was a result of a massive inflow of new money via doge and scam BSC / cake swap tokens that were blowing up on tictok etc. Massive amounts of overleveraged new traders === obvious correction. In bull markets we want to see 20-30% corrections. That's weakness leaving the market and floors being established. How low will this coin go? Did it find a strong support? Or did it just keep going down like doge did from 40 cents all the way to 15 cents.
$LINK has been slowly climbing the pitchfork that I drew in the post that I linked as a related idea. We're still actually within the median and the upper 0.5 prong. Which is very solid. We're also seeing a pretty strong support being respected at the $30 dollar mark.
So trading wise? I'm accumulating more spot. I want as much $LINK as I can get before staking arrives. In lower time frames? We want to see 30 dollars respected. We also want to see the PA reclaim the middle band from the bollinger bands. And finally we want to see the 3 period Supertrend flip back to bullish. If all 3 of those things happen? I'll be entering long positions with a minimum price target of previous ATH.
I'm posting this as a neutral position for now though, because there's too much BTC volatility to really see a clear trend. Trend is your friend for trading. Long term? $LINK is the most incredibly important crypto in the entire world. It is the foundation for which all of defi is being built upon. $BTC will always be important and massive... but #DEFI will dwarf the bitcoin marketcap by orders of magnitude. $LINK will be in the center of all of that.