LINK - Buying strategyBYBIT:LINKUSDT
1 Hour chart
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LINK is forming a potential cup and handle after a huge pump.
Price get support at Fib 0.382 many times and get rid of it right now.
We can long it at Fib 0.618($8.693) or Fib 0.382($8.514), and follow TP as below.
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Targets:
1) 8.983-----neckline
2) 9.189~9.273-----Fib 1.272~1.382
3) 9.452-----Fib 1.618
4) 9.742-----Fib 2
Stop loss:
1) 8.483-----red horizontal ray
Linkusdsignals
LINKUSD Has the world given up on ChainLink?ChainLink (LINKUSD) was one of the hottest crypto from 2019 to 2021. Ever since the May 2021 top though it has been trading on Lower Highs and Lower Lows, failing to recover its All Time High (ATH).
The February 2022 Low came very close to the 1W MA200 (orange trend-line) and as long as it holds, LINKUSD will most likely sustain its cyclical bullish trend. The natural Resistance is the 1W MA50 (blue trend-line), a break above which, should be enough to restore the price on a new upside sequence. Basically LINK has been trading within the 1W MA50 and the 1W MA200 since mid January 2022, effectively 3 months.
Despite the bearishness and loss of faith of the market since 2021, the first long-term bullish indicators have started to emerge:
1) The Ichimoku is on the Red Cloud already. In the two past occurrences, when that emerged, ChainLink had already started the parabolic rally phase.
2) The 1W RSI hit in late February/early March the 37.500 Support that was formed on the June 18 2018 1W candle.
3) The 1W LMACD is approaching the -0.21000 Support of the July 16 2018 1W candle.
An LMACD Bullish Cross might be emerging and if formed it will most likely kick-start the parabolic rally much like the August 13 2018 Bullish Cross did. The final but rather late condition would be when the 1D MA50 (red trend-line) crosses above the 1W MA50.
Every Higher High has been on a +0.5 Fibonacci extension progression. First was the 1.0 and then the 1.5, 2.0 and 2.5 Fibonacci extensions followed. Technically, the next Higher High of the Cycle should be on Fib extension 3.0 around $147.00.
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LINK - desired five-wave buying scenarioWhat Is Chainlink (LINK)?
Founded in 2017, Chainlink is a blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle network, Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.
The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network.
Recovery for LINKUSDChart comparison Between Link and the earlier days of ETH
ETH went through a long period of being flat which is a possibility for LINKUSD
This pause period can be seen on the MACD as the bear cross
Recovery could be as earlier as it touches the 50MA or later shown by the comparison
Link - is getting ready to sky rocket 🚀A key level of $17.8 can be seen on the LINK chart. The price is slowly squeezing near this level. In the event of a breakout, there could be a good buying opportunity.
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P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade.