Let me start off by saying that I am not a financial adviser. You should not take 100% seriously anyone on the internet. So take my advice with a grain of salt and do your own research before investing in any coin. We are IN the buy zone NOW!
ChainLink is possibly the coolest and most underrated projects out there in the crypto space. With a market cap of only 250 million this coin can easily 4x your money within a year. DYOR and here is my analysis:
Keep this in mind: What was resistance in the past tends to be support in the future and the other way around.
Key points: 1)LINK has a strong trend line that has not been breached 2)link is forming a massive cup and handle formation 3)LINK is far from its ATH back in October
Now after the run to 9000 LINK has corrected. As far as my research shows ChainLink does not like to retrace to the 78.6% mark so it probably will continue to not do so. It loves the 62% mark. As I already said, keeping in mind the trend line and the corrective patterns we are in the buy zone. I advise: 1)Med size buy order: @6450 satoshi 2)Large size buy order: @ 6000 satoshi
First target: 1) 50% sell of @ 10500 mark 2) 100% sell of @11300 mark
Buy back @ 9900-10300 mark
I really don't think that after the wave up LINK will retrace more than 23,6% because the previous high will be close buy and wave 3 cannot go lower than that the top of the previous high
Good luck and happy trading!
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Donations in BTC: 1xUU83C4eaHy9dTKuFcn86HFkXa8Topb7 Donation in LTC: LcSEL5a9ZSX2z2TH6ZzmzGnmSyF7riLeuC Donations in ETH: 0x39bf470d25a9a9d5171d674b8740653b8db3cb9f
We have similiar ideas on LINK. I just guessed that it can go lower (from 6200 to 4200). You're watching trendline and it can bounce off it as it's mine upper lvl too (6200 sat).
Anyway, after that it will be bullish trend so I'm not worried :)
cryptoeduards
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@Woer, I really can't see how it could hit as low as 4200. Would be awesome though. I would reload at that price park for sure!
Woer
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@cryptoeduards, remember that it fell even lower 9 days ago, simultaneously to bitcoin. If BTC will fall again, alts will follow.
cryptoeduards
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@Woer, Yes, but I believe that was a mass panic sell because BTC tanked
Woer
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@cryptoeduards, And those yellow lines in my charts are essentialy for that reason. It's not hard prediction, but those line represent levels on which LINK (for example) can have the strongest response from the market. LINK can easly bounce off 6200 sat lvl. But if it will go further down, then next stronger response is from around 6000 sat lvl (and if You will go to my chart, then You will see that price actually bounced off that lvl on daily chart).
If this lvl will be broken, we have 5259 sat. lvl. which is another strong resistance.
Those lines are nice guideline for planning your transactions. I missed that LINK bounce from 6000sat. in the morning. RSI was low, and there was a chance for 5-10%.
cryptoeduards
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@Woer, I checked out your chart idea. I agree with your point. Too bad you didn't get in @ 6000 satoshi. You could have left some buy orders open as I did. Nothing to worry about, it's not like Link is going anywhere high with these small volumes
Woer
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@cryptoeduards, I'm holding Link for long anyway. Good luck with your trades :)
cryptoeduards
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@Woer, Thanks man, you too! Let's both get rich with LINK haha
Anyway, after that it will be bullish trend so I'm not worried :)