Following the LINK uptrend BINANCE:LINKBTC In for a play on the ascending triangle with support from the 21MA. Will monitor closely as it approaches target to watch for breakout.
Chainlinkbtc
Link 330%+ Profits OpportunityAn Ascending triangle is created on the 1D chart on ChainLink and a reversal uptrend move is already on the way finishing the 1st elliot wave creation and is now in consolidation for the start of the 3rd. Since Feb 2018 Link was in a downtrend like the other crypto assets in the market. After an engulfing bullish candlestick creation July 25 it already setup its movement and developed a good reversal pattern after that and started to consolidating after a rebound downwards at around 4083 sats area which is the 23.6% fib ret. level. RSI rebounding back upwards and currently at 46 and 50EMA is almost under the price. Next scenario is a leg up towards the 38.2% fib level around 5185 sats. Volume is starting to show some moves and if it keeps moving on its pace we might see a break of the triangle within the following 2 days. A confirmation for 3rd wave creation is if the chart can close above the ascending triangle.
Entry Zone : 3000 sats -3600 sats
Stop Loss : 2200 sats
Possible targets
Short Term Targets :
T1 : 3883 sats
T2 : 4372 sats
T3 : 4860 sats
T4 : 5555 sats
T5 : 6440 sats
Mid/Long Term Possible Targets
T1 : 4083 sats
T2 : 5185 sats
T3 : 6076 sats
T4 : 6967 sats
T5 : 8235 sats
T6 : 9850 sats
Good Luck.
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$LINK Nearing Breakout Level - Strong Buy$LINK (ChainLink) is an undervalued project I have been monitoring for the past few months. Chainlink is the only project focusing on being a decentralized oracle provider that has a MASSIVE use case, partnerships like Request Network, ZeppelinOS, SWIFT and the LINK token can be staked in pools in the future to provide passive income.
Initial Entry - 5175 Sats ($0.49)
Analysis:
- Long-term Descending Triangle Broken (Red)
- Ascending Triangle Nearing Breakout Level (Green)
Breakout Level: 6175 Sats ($0.59)
Target 1 : 6928 Sats (33.6%)
Target 2 : 7681 Sats (67.3%)
Target 3 : 9187 Sats (134.6%)
ChainLink vs Bitcoin - Bull Flag Giving 25-30%+ Profit PotentialJust for fun, let’s now have a look at ChainLink (LINK) vs Bitcoin (BTC) on the daily log chart.
Back on 9th of April we broke out of the black dashed downtrend channel we had been stuck in for a while. In regards to our moving averages, the 50 EMA is currently crossed bullish over the 200 EMA. The EMA 50 has also been providing some support since the 15th of April, which we re-tested several times. On the 25th and 26th we did however break to the downside of this support for a test of the 200 EMA (which held); and we are currently trading back above the 50 EMA, opening well above it today.
As you can see, in some bullish news we have been forming a bull flag since the start of April; and we are currently testing the resistance of the top of the flag. You may have noticed that I have added a target that is just shorter than the length of the flag pole. The reason being, is that the flag pole height would take us to a point just above the heavy resistance identified in red. Given that this is heavy resistance that hasn’t been tested in a while; and I like to err on the side of caution – I have set my target just below this. This still gives us between 25-30% profits depending on exactly where you exit.
So when can we expect a break out of the flag itself? Well there are a few things to consider. Firstly, given that the 50 EMA is currently coinciding with the 23.6% Fib level; and we have had both a mixture of both support and resistance at the 23.6% Fib since Feb - it’s almost a 50/50 shot of whether it will hold in the immediate short term. So let’s have a look at our other indicators and see if they give us some more clarity.
Volume has dropped off today, so this is a sign that we could find resistance at the top of the flag where we currently find ourselves. All these buyers over the past couple weeks are not going to want to see yet, so finding resistance here just means we will form a slightly longer flag length.
Despite the bullish crossover that occurred on the MACD on the 25th of April, there is really no momentum behind this. It also appears we are about to cross back below the signal line, which suggests a retrace from the top of the flag.
RSI is at 51 and has been around the 50 level over the past 5 days. This gives us a 50/50 chance of which way we will go, however based on the MACD and dropping volume, I would say a retrace is again likely.
Aroon Down is below 50 and Aroon Up is above 50 – indicating bears have an edge here; further supporting a retrace. It is worth noting the Aroon Down is falling, so it won’t be long before it’s down where we want it to be in preparation for the run up to our target.
Having a glance at the half hour chart, we have an emerging advance block bearish candlestick pattern – again supporting a retrace.
In summary I am bullish on this. I think in the immediate term we will see a retrace from the resistance found at the top of the flag (though this is not guaranteed as a lot of our indicators are fairly neutral and could go either way – albeit they are hinting slightly more towards a retrace). In terms of entry points you have two options. The first is on confirmed break out of the flag itself. The second is where I have added the green buy zone and is just above the top of the flag. This is the less risky of the options and the one I tend to personally take. A stop loss can be added just below the bottom of the flag itself (just remember to shift it progressively upwards once we have a confirmed trade in progress!).
Cheers
LINK - Flirting with a crazy break-out?! (+250% potential)Quick post on Link upon request! - Have a look at this crazy graph of LINK versus the Dollar. Nice curve up. Bloody curve down! Seems like we just hit the 78,6% Fibonacci retracement and we have another strong support beneath that as well. And as is quite obvious, the curve is about to end where we are now... So yes, LINK is flirting like hell with both the end of the curve, AND the end of the triangle. It really doesn't get more exciting than that to see how it pans out. Looking at a potential target of 350% (or +250% versus current price - of course not by tomorrow).
Given the upcoming main net launch in Q2 , we also have a strong fundamental catalyst to get this one pumped (e.g. people will then stake their LINK-holdings - cfr. Vechain; + this is required for their highly ambitious plan to get decentralised "Oracles").
Moreover, in the MACD we see a golden cross , while the Stochastic Momentum Index provides a more mixed view (first still some movement down before we can really lift off?) Furthermore, it would make sense that this one starts the second part of the cup and handle here, although volume has been spiking all over the place, which is rather uncommon.
We already had some nice green volume in the previous days. If we have that when we hit the triangle resistance somewhere in the next days, that would be great news for a bullish break-out.
On the 4-hourly, we indeed see some bearish signals, hinting to a downmove first . But after that, theory suggests we should see some decent uptake.
4hourly chart versus the dollar:
Let's check the BTC graph:
This one seems to tell a similar story, although it formed a cool cup & handle-ish figure and then made a triangly handle. Now, that would be one ugly and loooooong handle, so I I'm not sure we should consider it like that. But the point remains, it is approaching the end of the triangle with similar signals as in the USD graph.
So after this rapid analysis: likely first a leg down before we can go for a break-out test. The chart tells the remainder of the story quite clearly. Good luck.
PS: if you liked this post, please give it a like so I know you as a community at least appreciate these posts :-)
- I'll update as of 15 likes ;-) .
