Chainlinkbtc
LINK - Flirting with a crazy break-out?! (+250% potential)Quick post on Link upon request! - Have a look at this crazy graph of LINK versus the Dollar. Nice curve up. Bloody curve down! Seems like we just hit the 78,6% Fibonacci retracement and we have another strong support beneath that as well. And as is quite obvious, the curve is about to end where we are now... So yes, LINK is flirting like hell with both the end of the curve, AND the end of the triangle. It really doesn't get more exciting than that to see how it pans out. Looking at a potential target of 350% (or +250% versus current price - of course not by tomorrow).
Given the upcoming main net launch in Q2 , we also have a strong fundamental catalyst to get this one pumped (e.g. people will then stake their LINK-holdings - cfr. Vechain; + this is required for their highly ambitious plan to get decentralised "Oracles").
Moreover, in the MACD we see a golden cross , while the Stochastic Momentum Index provides a more mixed view (first still some movement down before we can really lift off?) Furthermore, it would make sense that this one starts the second part of the cup and handle here, although volume has been spiking all over the place, which is rather uncommon.
We already had some nice green volume in the previous days. If we have that when we hit the triangle resistance somewhere in the next days, that would be great news for a bullish break-out.
On the 4-hourly, we indeed see some bearish signals, hinting to a downmove first . But after that, theory suggests we should see some decent uptake.
4hourly chart versus the dollar:
Let's check the BTC graph:
This one seems to tell a similar story, although it formed a cool cup & handle-ish figure and then made a triangly handle. Now, that would be one ugly and loooooong handle, so I I'm not sure we should consider it like that. But the point remains, it is approaching the end of the triangle with similar signals as in the USD graph.
So after this rapid analysis: likely first a leg down before we can go for a break-out test. The chart tells the remainder of the story quite clearly. Good luck.
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- I'll update as of 15 likes ;-) .
