✴️ Chainlink Hits A 3 Years Low, Major Bullish DevelopmentChainlink was range trading, sideways with a wide range since May 2022. This month, this pair hit a new low and this is a great opportunity.
First, LINKUSD hit its lowest price since July 2020 and is already starting to recover.
The signals pointing towards are recovery are:
1) Bitcoin moves ahead.
2) Smaller Altcoins are more advanced in the recovery phase (what one does, the rest follows).
3) The RSI oversold and hitting the lowest level in over a year.
4) Increase in buy volume and a bottom pattern as the new low is hit.
Breaking below the long-term support from May/June 2022 is good news because the long-term stop-losses are activated, weak hands are removed and a new opportunity develops for new buyers.
As the prices become attractive, this attracts new players, new participants into the game.
If you are in, you can always buy more.
If you were kicked, you can always jump back in.
If you are new... Lucky you, you have great timing.
On the short-term, we have this orange channel where the lower band has been activated, we can expect the upper band to be challenged in the least. Short-term is within a month (30 days).
Of course, since a new low has been hit if it fails you have a tight stop-loss, low risk with a high potential for reward.
This might be the real bottom before the next bull market or there can be another one in a few months, the relevance of this only depends on your trading style and goals.
With my method, I share trade signals each time we have a drop like the one that happened recently, buy and hold.
If it drops some more, then another signal and we accumulate and build a position long-term. When the inevitable bullish wave happens, we collect massive gains.
For us it is all a patience game.
This is not financial advice.
You need to do your own research and consider the risk involved.
I hope you find this information useful.
I thank you for reading.
Thanks a lot for your support.
Namaste.
