We’re now entering what I believe could be one of the most important price regions for Chainlink in its entire trading history.
On the monthly chart, LINK has been forming a textbook bullish structure since bottoming in mid-2022 — higher lows, strong rebounds from trendline support, and steady momentum building over time. Price is now pushing into a major...
As seen on the chart the last high nearly hit the 2.618 fib extension. Based on the short term bearish signs at the BTC chart I expect that $0x will retrace to $0.96 - $1.10.
At $1.10 the 0.618 fibonacci and daily 200 EMA are located.
At $0.96 a support at the previous high.
After that a mid term of $8 dollars is very likely based on the channel.
Keep in mind...
As we can see on the 3 day chart of Bitcoin there are some simmularities between now and the last two tops. One of them was in December 2017 when the bull market ended and the other was in June 2019, which was a short term cycle / wave.
Those simmularities we see are the high sell volume peak in the volume indicator and the RSI leaving the overbought / bullish...
I wanted to point out there are 5 bearish CME gaps on the Bitcoin chart. These gaps are located around $23360, $18355, $9680, $7580 & $3570.
My opinion about this is that $23360, $18355,$9680 and MAYBE $7580 get filled. This is still possible and BTC could continuing keeping its uptrend on bigger timeframe.
If BTC breaks this uptrend, it will likely go even...
LINK decided to retrace 15% and is now testing the previous ATH.
On bigger timeframe LINK is still bullish, but on shorter timeframe (1 hour) you can see it is correcting. I would like to see that there will be some reversal signs above the 200 EMA (pointing to the circle).
From there a trade with great risk reward ratio can be opened.
It looks like LINK wants to go to the upper trendline of the channel.
When this happens we need to keep our eyes on it to see if the $35 level will act as resistance or not. If it breaks, LINK can go parabolic again and reach new highs.
Keep in mind there is also a possibility that LINK will test previous ATH around $19 dollar after reaching $35.
