Chainlink analysis, where i think it is heading. UPDATED!


Hey Crypto friends!

CHAINLINK!!! Oh wow have i been happy with my investment thus far, The coin has a lot going for it that's for sure, fundamentally and technically.

What got me into this coin? Well let me show you.

351665157-17eb212dca811bb5aababc6496034f3b3a572956a833d47540356f45d57cd57d.png

Back in December, i noticed this triangle forming. This technically is a bullish consolidation pattern after a big move. So i bought some around the $2 mark. 

I wasn't expecting it to break out as strongly as it did, i thought we might see some consolidation around the top of the triangle.

Anyway, let me show you what i am seeing here -

351665157-5839a48f1ab66663c82923482d8160fea3e73f4efb5587f6812c971a49e6a390.png

In this type of pattern, the bullflag, a measured move can be drawn. By taking the the measurement from the move up and placing it at the breakout point of the triangle. 

That puts Chainlink at a whooping $7 usd a coin. 

However i do expect some resistance at the white horizontal (previous high).

To further validate this move i pulled up my fibonacci extension -

351665157-e114e8b15b9214e39f7dc4edbd253bd475574dd19c1171ce66b393ec960e98a0.png

Low and behold the -0.618 sitting right around the $7.13 mark.

This is not financial advise. Just my ideas on where Chainlink is heading.

 

Happy Trading!

 

Update - 

As Expected, resistance and previous high. I expect a small consolidation pattern to form and then a break upwards and onwards - 

351665157-f0009f5161aa0f82e64a0e3e536c8e2a170735114c7f064d70a6d6964aac78aa.png

351665157-c7e1a649bf10067daa9d398d2758db8de208f63c6b82a9e9b247726e3c50b059.png

Trend Line formed. RSI MFI cooling off with hidden bullish divergence on the MFI. The 21 EMA proving very nice support on the 4 hr.

351665157-d50a19aaf258adfeea5bcd330a5b2c0ed06e49135a10a0af87ceb65b67fb8956.png

Ascending triangle forming on hourly, Expect this to break up in the next 12-16 hours.

Happy Trading!!

 

How do you rate this article?


1

0


Cryptocurrency trading tips and tricks
Cryptocurrency trading tips and tricks

This blog is all about trading, after over 2 years of trading crypto i thought i would share my experience and knowledge in the hopes that others can benefit from it!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.