LINKUSD Buy Signal on the 1D MA50Pattern: Channel Down on 4H.
Signal: Bullish once the price rebounds near/ on the 1D MA50 on a similar sequence with June.
Target: 4.5000.
Linksignals
Bad News for ChainlinkLINK/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!
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Likes, shares and comments are much appreciated.
CHAINLINK about to rocket to $4.500.This signal is based on inter time-frame pattern recognition and in particular ChainLink's July/ August 2019 4H price action versus the 2018 1D candle action. Before there are any misunderstanding and willing critics of the different time frame comparison, I am stating that I am interested in pointing out the obvious similarities. Trading psychology is the same whether on short term pattern or a longer term horizon.
So to cut straight into the study at hand, we see that LINK's 1D chart on the 2018 bear cycle ended with a Double Bottom below the MA50. What followed was a strong 6 month rise to a new All Time High.
Similarly the current July/ August 2019 4H price action is on Double Bottom levels and below the MA50. If the same trading dynamics apply then soon we should see a bullish reaction first to the 2.75 Resistance and in a month's time towards 4.5000.
