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Chainlinkusdt

ChainLink Update...Still on the Sideline.BINANCE:LINKUSD Still patiently watching Link since my potential short set up idea; A very crude head and shoulders pattern forming at key resistance zone. Trend line could be close to breaking. Before taking any trades i think we need to see some kind of decent move in either direction. Shorting here with so much buying pressure close to our entry doesn't not offer great R:R potential and longing into key resistance does not appeal to me. A substantial break out above it and longing a retest of structure above it does. For now Link is still on my watch list while i keep my fingers away from buy/sell buttons :) For spot buying Chainlink to add to my stack I'd try and stay patient and wait for a retest of low $4 range. My previous potential short;
BINANCE:LINKUSD
by AmpFury
3
Chainlink Formed A Big Bearish BAT | Bear Move Can Be ExpectedHi fox hope you are well. Chainlink is one of the coins that I love to trade because this coin always gives very good trading opportunities and forms different harmonic and chart patterns and have very good volatility which makes it favorite among the traders community and especially for me. Bullish Move Upto 211%: On weekly chart after forming a double bottom the Link has produced more than 211% and this rally was started since December 2019 up to the current month even though the coin has formed a double bottom and everyone knows that after the double bottom pattern there are strong chances that the link can make higher than the previous high but there are some signals appeared showing that this asset can have a pull back. A Strong Resistance Is Found: As we can see that Link has found a strong resistance at $4.58. In June 2019 the Chainlink reached at this level but could not breakout this resistance and moved down then after formation of double bottom currently it has again reached at this level and on weekly chart we can see that the priceline has hit three times at this level but even after three attempts the price action of Link is not able to break out this resistance level. Now we have four touches on weekly chart at this level in total from June 2019 up till now. A Parallel Channel: On long term weekly chart the Chainlink has formed a parallel channel with the support at $1.54 and the resistance at $4.58. If we place the volume profile on the complete priceline moving between this channel then we can observe that the trader’s interest is very low above $3.22 and also very low at the support of the channel. And the POC of volume profile is at $2.88 which is a positive sign because if the price action drops down from here then we have a support level $2.88 this is the resistance which price action faced to cross up from Oct 2019 to Jan 2020 and also the POC of this volume profile at the same level. And if we place the Fibonacci retracement tool on the complete price action of this channel then it can be easily seen that the POC of the volume profile is at the golden ratio of 0.618 Fibonacci level, this retracement level is favorite for traders because they expect a bullish reversal from this level. And POC of volume profile works like centre of gravity and always calls the price action towards itself like if we see the drop of Chainlink from June 2019 up to September 2019 then we can observe that the priceline moved up towards POC of volume profile and moved down again and then moved up and broke out the POC level of volume profile. This happened because the POC of volume profile pulls the price line towards itself and at the same time it also works as a resistance or support therefore if there will be any drop happened this time then we can expect that the POC of this volume profile will work as a strong support. This is the reason why I am not expecting that in case of any drop the priceaction will hit the support of the parallel channel at $1.54. Big Bearish BAT Pattern Has Been Formed: On the same long term weekly chart it can be easily examined that Chainlink has formed a complete bearish BAT pattern. The initial leg was started on 24th of June when first time the price action found the resistance at $4.58. Then price action of chainlink started moving down and completed the initial X to A leg on 23rd September 2019 then from this level the price action retraced up to 0.50 Fibonacci level and after completing A to B leg it is projected between 0.382 to 0.886 Fibonacci projection of A to B leg. And now we can see that the final leg which is C to D leg is retraced between 0.786 up to 0. 886 Fibonacci level even though priceline has hit the spikes beyond the resistance level of 4.58 dollars but so far no candlestick has been closed above the potential pullback zone of this bearish BAT` pattern. A Small Bearish BAT Pattern On 12 Hour Chart: Now I am taking you to the 12 hour short term time period chart and here the price action of Chainlink has formed another bearish BAT pattern within the BAT pattern of weekly chart. And after completing this pattern the priceline is entered in the potential reversal zone and from this point we can expect first pullback. But the pull back which will be started on this chart will take little bit long time to be reflected on the long term weekly chart. How We Can Confirm The Pull Back On Long Term Chart: Now the question is that how we can confirm that the bearish move is getting started on long term weekly chart. For that there are several indicators we can use to check the bearish pullback. And you can use your own set of indicators to determine this. At this point the indicators I am using to confirm the drop are three. First the relative strength index (RSI). 2ND indicator is Stochastic and 3rd indicator is moving average convergence divergence (MACD). Even though all indicators are strong bullish so far but once the indicators will be started turning bearish and we will find the price action in the potential reversal zone of this bearish BAT pattern then the drop can be confirmed. At this time the RSI is already in oversold zone the stochastic is in bull cross and MACD is strong bullish, now here we can see two things if the stochastic will give us bear cross and moving average convergence divergence will be turned bearish then these two signals can be used as initial indicators to confirm the bearish move. Should I Buy If The Drop Is Expected? If you are already enjoying the bullish ride of Chainlink then you can follow the above guidelines to take exit in case of drop. But if you are a new trader who wants to buy the chainlink then I would suggest you a bit aggressive strategy to buy. As we have seen above that the priceline has found a strong resistance at $4.58 since June 2019 therefore first we need to observe and wait that the price action should break out this resistance level and after breaking out from this resistance level we can buy enjoy the next bullish rally. Further I will post more updates on Chainlink with the developments.
Short
by moon333
ChainLink looking great Target 5.7Target 5.7 to complete final wave 5 to hit 100% trend fib extension. This price target seems to match the same trend fib extension taken from the start since Feb last year. Around a target of 3.5 maybe a possibility of good re-entry to bounce back from re-tracement. Chainlink seems to be strong, my new favourite coin. Every other coin is struggling this asset seems to hold steady with its own course. This my own analysis only, not a financial advice. Hit like if you think I may be on the right track.
Long
by emayo
1
LINK PennantIt would make sense to be forming a large pennant pattern after the run Chainlink has had in 2019. I expect it to go for a re-test of the upper trendline if we see some bullish price action from Bitcoin. The 2 red resistance lines are the major resistances I'm watching on this move up. I would expect some bigger consolidation after touching one of them. There is large downside risk as we could stay within the pennant fairly easily even with a 10+% move down. Keep that in mind and remember to set a stop if you are making an entry.
Long
by Dtradess
Chainlink Expected To Give Buying Opportunity For Upto 50% GainsAfter forming the Shark pattern in Sep 2019 the price action of Chainlink took a very powerful bullish divergence form the potential reversal zone of this bullish Shark and made more than 107% bullish Move Upto Nov 2019 the price action starting moving within a falling wedge which is very steep and at this time the price action is hitting the resistance of the wedge the long spike on 18 Dec show that the bears are very weak $1.73. The pricline also has hit the Bollinger bads’s lower band support and the Bollinger bands is expanding to pave the way for Chainlink’s priceline. Volume profile of complete falling wedge is showing less interest below $1.73. On 12hr chart all indicators are bullish and if we see on day chart the price action is at the support of Bollinger bands. Moving average convergence divergence (MACD) is giving bullish signals by turning weak bearish from strong bearish. Relative Strength Index (RSI) was oversold now turning bullish and Stochastic has also given bull cross from oversold zone. Where we should buy? The question is if the price action is hitting at the resistance then where we should buy? Coz there are chances that the price action again move down to hit the support again. The answer is that here we should wait for the price action to breakout the resistance and then buy coz after breakout the price action can take more bullish move atleast upto POC of volume profile which is at 2.21 and it can also hit the projection area of tail to support of wedge from 0.382 to 0.786 Fibonacci which is from $2.25 to $2.84 In this case our stop loss will be the resistance of this wedge coz once the priceline will breakout the resistance then the same resistance will be playing role of support for the price action. Regards, Atif Akbar (moon333)
Long
by moon333
Link/USDT - Rising Wedge BreakdownChainlink has broken down a rising wedge. The decreasing volume (on the bottom of the chart) is confirmation of the successful breakdown. Based on wave analysis, it is possible it may downtrend further. Shorts are not something I trade personally, so this idea is only for the benefit of my followers who do and for those considering adding to Link's technical analysis. => possible completion of sub waves 1 & 2 of the 0-a wave of its downwards correction with an oncoming sub wave 3, OR => completed a-b (or yet to complete a-b) of the corrective sequence (less likely in my opinion, taking retracement values into consideration - but not impossible). Currently hovering around the top of the Ichi cloud, it is not being very positive about continuing upwards. it would be interesting to watch its movements if and when it hits the strong Senkou Span B support line (marked black). Likely targets are marked on the chart should it continue to downtrend. Always use any idea in conjunction with your own technical analysis before trading. Happy trading and Vanakkam. :) What goes up must come down. _____________________________ There's only one person you need to follow when it comes to crypto. Papa Bear's Path of Least Resistance Our October Profits
Short
by PurpleCrypto
2
How Much Tighter Can We Get?I think it's better to look at LINK based on ranges rather than trenlines at least for the moment. The trend-lines that I see have a lot of false breaks from them. That's not to say it isn't holding those particular lines. It's just better to rely on these ranges than see it dip 2-3 cents below the line and shrink back up. What I mean by 'ranges' is the area between the constricting horizontal lines I've drawn on the chart. As you can see as time has gone on the price action is continuously constricting to particular ranges and not leaving them. Trend-lines are basically just a way of visualizing this. I certainly feel a break from this constriction is imminent. The question that remains always, up or down? No one knows for certain. Though we can use price action moving outside of these 'ranges' to give us an indication of further movements. Price also tends to move back and forth between the range consolidating before another leg up or down occurs. You can use these moments to time your market orders. You should also keep in mind the levels I'm looking at could be completely wrong in comparison to what the market sees. They could also be perfectly correct. Regardless you need to keep your money safe. Do not solely rely on any given analysis I publish dictate what you choose to do with it. As always I appreciate the time you've spent reading my thoughts! Drop me a like if you found this helpful or interesting.
COINBASE:LINKUSD
by Dtradess
3
Update 2 - A Weak Link In The Chain For The BullsQuick update, We aren't out of the woods yet but we're certainly looking better. We seemed to have completely avoid contact with the original H&S support line with a short term trend change, and now we're working our way back to test some upper resistance lines. I'll personally be watching breaks of these lines and how much follow through/volume we get. I really don't want to see a loss of supports as we make them on our way up. Weakness or below average volume this close to the H&S trend-line could be indicative of breaking it. Keep your money safe and have your stops set for worst cast scenario! Thank you for checking out my idea and drop me a like if you found it helpful.
by Dtradess
Update - A Weak LINK In The Chain For The BullsSo this chart started out with just my two white trend-lines, and after drawing them I realized that there is also an Inverted H&S along my resistance line. I seem to be finding these a lot lately and I'm kind of questioning their reliability. I think this is going to come down to which trend-line breaks first and confirms its H&S. If we break down it's possible $2.50 could save the day, but I personally don't feel another test of that area alone will hold us up. The RSI levels are all fairly neutral, but the bigger the time-frame the more room we have to fall, and that is why I think the H&S(not Inverted H&S) is more of a threat. If we move up I still feel a re-test and break of $2.88-89 is also key to moving even higher. I have personally been bullish during this consolidation, but the closer we get to $2.50 again the more concerned I become for that scenario. Though we can still very easily hold support and break the overhead resistance to head back towards $2.76-.79. We'll just have to wait and see. I'd recommend stops just under the resistance line or under $2.50 if you want to risk a little more for the potential pay.
by Dtradess
LINK long so LONG we hold major supportsI'm fairly new to TA so take this idea with a grain of salt. With that in mind these are the potential options I personally see playing out. Most of the information is on the chart. I think a buy in around $2.66-.68 with a stop right below $2.65 is great risk/reward. If it breaks $2.65 wait to see the test of $2.50 support and if we get a nice bounce do the same there. Thanks for checking out my idea! I would love to read your thoughts on it.
Long
by Dtradess