I bet many who sees the title to this article might
be wondering to themselves how the heck does
this guy knows that this is a dip and not the beginning
of a massive sell-off. Well for starters continuous chainlink
purchases support my statement. If people believed
that the price of Link would continue to go down I don't think
they would be buying or hodling so much, Do you?
I think many people are starting to realize that Link has an
exceptional momentum which some are comparing to
Ethereum back in the 2017 bull run. Even though I'm
not one to compare a coin's performance with others,
I do believe that Link is in a league of its own and
has a track record to prove it. judging by this track record
it does not take a rocket scientist to tell where link
is headed in the coming weeks should it continue
at this current momentum. Of course, there's going to be
pullbacks. Corrections are normal and healthy.
WHY I BOUGHT LINK
I first keenly observed all the corrections and the price
movements that followed on Links chart history
during its ascension and used the information
gathered from there to help decide whether
or not I would buy some. So I had bought some AFTER
the $8.75 top coming down. I got in around $7.50 trying
to catch the dip at the bottom which is next to impossible
cause no one knows where the exact bottom or top will be.
So again by carefully observing the chart history coupled
together with the momentum of Chainlinks ascension.
I was very confident in buying in at $7.50 and I rode it
to $10 then hopped into SXP, rode that up some,
then hopped back on to Link at $12.
I found the experience to be very instructive
and I learned some very valuable lessons, one of
which is to never make a trade unless you absolutely
must. Because the trading fees will add up and they have
increased a great deal since the start of the DeFi boom.
If Link maintains the current pace we will see a $35 Link
price sometime in September, this is just simple math.
The last major pullback that Link had was from July 16, 2020
to July 27, 2020, which lasted 12 days then the next
powerful move upwards began. I think this current dip
may follow a similar trend. However, no one knows how many
days of consolidation there will be this time around.
And to the bears who are saying it's overbought, I bet there
are thousands of new Link investors who would disagree.
Like I've mentioned before in a previous post, Link historically
goes parabolic after a healthy pullback and I have noticed that
the most powerful spikes tend to happen over the weekends.
So my plan is to ride Link until the 2nd half of September
(with my stop losses in place OFC) and then sell near the
end of September because I am expecting a big dip coming
around that time period. After the Dip, I'll once again fill my bags.
I want to say that I'm not a financial
adviser so this is not in any way, shape, or form a financial
advise. Please do not take these findings as a cause
to invest or execute trades with Chainlink. This
is merely my observation which can change at any
time since the Crypto markets, including Link, can be
very volatile and unpredictable.
First, do your research concerning any Cryptocurrency
that you wish to invest in.