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LINKBULLUSD trade ideas

Chainlink Price Analysis — May 4As mentioned earlier, Chainlink has fallen to its lowest point in over 17 months, as the DeFi giant slumped below the $11.00 mark. After a sideways open to the week, LINK now appears to be gaining some upward traction, as it tapped the $11.50 top for the first time in four days. That said, the broader market sentiment has received a mild boost over the hours as traders hold ahead of the much-anticipated US Fed interest rate decision, dropping later today. LINK will remain in a bearish bias until we record a break into the pivot zone at $15, which also houses the daily 100 EMA. Meanwhile, my resistance levels are at $12.00, $15.00, and $17.50, and my support levels are at $11.00, $10,00, and $8.00. Total Market Capitalization: $1.76 trillion Chainlink Market Capitalization: $5.3 billion Chainlink Dominance: 0.30% Market Rank: #25
BITTREX:LINKUSD
by Mr_Wogbe_Alex
ChainLink Analysis - Is A Breakdown To $5 Imminent?Hello Trader, here is my analysis for LINKUSD. Link has potential, it's not nearly as bad as FTM or ADA which we looked at recently. In fact this year I've taken a few long positions at Major Support levels, knowing that a bounce was likely. The problem is I am extremely Bearish on Bitcoin at the moment and as we know Alts will follow. Despite Bearish price action, Rip your face off rallies still occur during a bear cycle. This is when we look to enter long positions! Before I even start... LINK will continue to have Bearish price action until it breaks out of the falling wedge. You'll most likely know when LINK has hit its bottom because it will break the formation to the upside signaling a reversal. How do we predict where the bounces will occur? - Typically bounces occur at Key/Major support levels. - There are other factors that come into play such as time counts, how quickly it hits the level, any consolidation before hitting the level, etc. - But just to keep it simple, we want to look for key support levels to take longs. But if Alts follow BTC and we enter a position in LINK at a key support level, how do we know it will bounce? Can't BTC bring it down? - The key here is to try and align the major Support and Resistance levels of whatever Alt you're trading with BTC. - So if it looks like BTC is about to hit a key support level and so is LINK, then chances are they will both bounce since they hit the levels at the same time. - On the reverse, if BTC is about to hit a major level but LINK is not, BTC can bounce but LINK might not. ***Perfect example is right now LINK is not at a key support level, while Alts like Avax and Matic are. Both go great bounces along with BTC while LINK not so much. So where is LINK headed? - As you can clearly see LINK has been trending down in a falling wedge formation. - Yes this is technically Bullish, but LINK could continue to trade between it for months before breaking out. - Until Link breaks out of the formation, it will continue to act as support & Resistance. - You could always short at the top and long at the bottom of the formation. - The key support levels are listed on the chart, as long as BTC keeps trending down, LINK will follow. - Each time a Key Support level is broken, that confirms downside continuation and the target is the next support level. - $7.12 is a Major support level, there is a high probability LINK gets a bounce there especially if it comes down straight into it over the coming month without much consolidation. How low can LINK go? - IMO I believe LINK will hit $5 in the coming months, it's even possible it goes lower. But for now I think $5 will be the low. - Link will gets bounces along the way but until it breaks the formation to the upside, I personally would not enter a long term position. What about the short term? - The next target for LINK is $10, it may get a bounce being as it's a psychological level. But I think when it retraces it will break quite easy and continue lower. - Then $7.12 where I would be expecting a larger size bounce, especially since it's been trending down for nearly a month. Thanks everyone and best of luck trading!
KRAKEN:LINKUSD
by natef1
7
LINKUSD - Breaking down lowerThe price has broken down the Fib Channel 78.6% level, and it is anticipated to get down to the 100.0% (from the top) in the near future which would bring the price to around $8-$9 per Chaninlink token. To draw this Fibonacci Channel, the main trend line connects local high points. If the price does not hold this level ($8), the 123.6% Fib level could be the next support level. RSI has been descending and getting closer to strong support. **This is not Financial Advice** In my opinion, it could be a very good accumulation opportunity for LINK lovers.
COINBASE:LINKUSD
by PersianAnger
$8, $11 or $17 next for Chainlink ?Hello all. As the entire market, so does chainlink has approached a moment of decision. As we look at weekly timeframe. we see that link trades below the weekly ascending line of support (yellow line). At the same time, the current price trades below the 50 week EMA and also inside a descending channel(orange lines). The 200 week EMA sits at approximately $11 and the bottom of the descending channel at $7. Both of these levels also correspond with previous levels of support. In case the market sees a correction or a slight drop, these are the levels I believe Link will go next. On the other hand, link has the chance to go to $11 which is the top of the descending channel, and also the golden Fibonacci pocket. $13 is a strong level and we can see a bounce from this level as we did previously. Patience is key at this moment not only for Link, but also for the entire crypto market. The stochastic RSI says it all, it remains in the neutral area. Thank for reading, and stay tuned. Enjoy.
COINBASE:LINKUSD
by EdgarTigranyan
2